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The Latest Breaking News from FRC

The UK government’s retreat from Carillion audit reforms is feeble

Eight years after systemic flaws were exposed, ministers have abandoned their long-promised overhaul in favour of another ‘pro-growth’ nod

The Guardian - UK

UK accounting body to halt remote exams amid AI cheating

Candidates will have to sit assessments in person unless there are exceptional circumstances, says ACCA

The Guardian - UK

Lammy labels Gaza famine ‘utterly horrifying’

The Integrated Food Security Phase Classification said on Friday that famine is occurring in Gaza City and could spread further south.

Evening Standard

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Experts warned that Gaza was at risk of famine. Here’s why they confirmed it for Gaza City

The world’s leading authority on food crises has determined that the Gaza Strip’s largest city is now gripped by famine

The Independent UK

UK watchdog investigates eight years of Deloitte audits of mining firm Glencore

FRC examines whether accounting firm ‘gave sufficient consideration to risk of non-compliance with laws’

The Guardian - UK

EY being investigated over Post Office auditing during Horizon scandal

Financial Reporting Council looking into whether firm met its standards in connection with Horizon IT system

The Guardian - UK

EY investigated by watchdog over audit of Post Office’s Horizon system

The Financial Reporting Council said it had started looking at the audits conducted between March 2015 and March 2018.

Evening Standard

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EY fined almost £5m for Thomas Cook auditing failures

The historic travel agent collapsed in 2019, resulting in 9,000 job losses.

Evening Standard

EY fined almost £5m for breaching standards in Thomas Cook audit

EY admits to failings in assessment of 2017 and 2018 financial statements of travel firm, which collapsed in 2019

The Guardian - UK

PwC fined £2.9m over audit of Sanjeev Gupta’s Wyelands Bank

FRC severely reprimands accountancy group and one of its former main auditors after ‘serious failings’ in 2019

The Guardian - UK

Watchdog to investigate two former figures at bankrupt Woking council

Exclusive: Local authority in Surrey declared itself effectively bankrupt in 2023 after series of risky investments

The Guardian - UK

KPMG under investigation over audit of gambling company Entain

FRC confirms inquiry into accounting firm’s 2022 audit of Ladbrokes, Coral and Sportingbet owner

The Guardian - UK

KPMG being probed by accounting watchdog over Entain audit

The Financial Reporting Council said it had launched an investigation into KPMG’s work on Entain’s 2022 accounts.

Evening Standard

‘Strong likelihood’ of imminent famine in north Gaza: Food security experts

Famine thresholds ‘may have already been crossed or else will be in the near future’, Famine Review Committee warns.

Al Jazeera

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The Guardian - AU

Middle East crisis: Amsterdam officials ban protests after violence; Hamas says it has ‘not received’ request to leave Qatar – as it happened

Prosecutors expect more arrests; Qatari diplomatic source had earlier told AFP that ‘the Hamas political office no longer serves its purpose’ in Doha

The Guardian - AU

‘Strong likelihood’ of imminent famine in northern Gaza, food experts warn, as Israel continues siege

‘Looming catastrophe’ will ‘dwarf anything we have seen so far’ in Gaza since 7 October 2023, famine review committee says

Radio France Internationale

Famine and floods add to distress of Sudanese displaced by war

Famine, floods and disease are adding to strife in conflict-torn Sudan, NGOs are warning. The Darfur region has been hit hard, especially in camps for displaced people.

Top News

Famine Declared In Darfur Refugee Camp

Famine declared in Zanzam camp, Sudan due to conflict, highlighting urgent need for international aid and conflict resolution.

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The Guardian - UK

‘Big four’ accountancy firms PwC and EY fined over LC&F audit failures

Firms fined millions after London Capital & Finance’s 2019 crash wiped out customers’ savings

The Guardian - UK

Tweaks, delays and compromises define UK’s post-Carillion response

From initial hopes of radical reform, we’ve ended up with a slight adjustment to the corporate governance code

The Guardian - UK

Watchdog investigates accountant at bankrupt Thurrock council

Financial Reporting Council looking into compliance of ex-official at council that ran up £500m deficit

The Independent UK

FRC waters down governance overhaul as King’s Speech omits audit reforms

Britain’s accounting watchdog will abandon the majority of the 18 proposed changes to corporate governance rules in the latest set back to reforms.

The Guardian - UK

Carillion and the government’s shameful inertia on reform

Outsourcer’s collapse revealed disgraceful failures at auditor KPMG, yet six years on where is tough new regulator we were promised?

The Guardian - UK

Loose lending and inadequate auditing: central government’s role in the local council disaster

Councils’ decision-making caused the worst failures, but lack of Westminster oversight is also to blame

The Independent UK

MPs warn audit backlog threatens transparency over £100 billion spend

The Public Accounts Committee said the Government must act to prevent further financial failure in local government.

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