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This week’s edition of Corporate highlights includes the FRC’s updated sanctions guidance for auditors, accountants and actuaries, analysis on gender pay gap reporting and HMRC’s recommendations for companies to delay the grant of EMI share options.
The Financial Reporting Council (FRC) has updated its sanctions guidance for auditors, accountants and actuaries in order to implement the recommendations of an independent review of sanctions undertaken in 2017. The updated guidance will take effect on 1 June 2018.
A panel chaired by former Court of Appeal Judge Sir Christopher Clarke conducted the independent review of sanctions, publishing its report in October 2017. The panel made several recommendations, including: an increase in fines to £10m or more for seriously poor audit work by a ‘Big 4’ firm, exclusion from the accounting profession for a minimum of ten years for dishonesty, greater use of non-financial penalties and sanctions that reflect the level of co-operation by respondents.
For further information, see LNB News 09/04/2018 6.
The FRC has announced plans to enhance the way it monitors the six largest audit firms by focusing on five key pillars it says are critical to the stability of the audit firms and quality of audit work. The results of the FRC’s inspection of audit quality by the firms will be published in firm-specific reports in June 2018 and summarised in the annual Developments in Audit report in July 2018.
The changes to monitoring aim to avoid systematic deficiencies within firms’ networks, disruption in the provision of statutory audit services and instability in the financial sector.
The five key pillars are: leadership and governance, values and behaviours, business models and financial soundness, risk management and control and evidence on audit quality, including from the FRC’s annual programme of audit quality reviews.
For further information, see LNB News
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