Is the FRC doing a good job?

This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

By Cliff Weight, Director, ShareSoc.

I think the FRC is doing a much better job. The record fine for Deloitte re Autonomy, (see Compliance Week: FRC fines Deloitte record $19.4M for Autonomy audit failures ) and the fines at Redcentric and Redcentric’s auditors, and the prosecutions of former Redcentric directors in Southwark Crown Court are further evidence that things are changing. As is the transitioning from FRC into ARGA.

But don’t take my word for it. Come to the FRC events we have organised and listen for yourself!

We now have further details on the FRC Events on 23 to 27 November. Each event starts at 4pm and is for 45 minutes. Click here to register:

Monday 23rdNovember, 4pm to 4.45pm

Corporate Reporting Review & UK Endorsement Board

Endorsement Board:

The team from the UK Endorsement Board will give an overview of the process for endorsement of IFRS in the UK, explain how you can get involved and what the upcoming key issues are.

Corporate Reporting Review:

A summary of the FRC’s work in corporate reporting review, including an overview of our reviews this year, details on the key themes in the issues we have raised with companies and some examples of changes made as a result of our work.  We will also cover what to do if you want to make a complaint about a company’s reporting.

Tuesday 24thNovember, 4pm to 4.45pm

ARGA Transformation

FRC CEO Sir Jon Thompson will give and overview of its approach to Audit reform and ARGA transformation, talk about what it has done to date and update you on the BEIS consultation process and next steps. The FRC will answer your questions on topics of interest and give an overview of how people can get involved and give their views.

Wednesday 25thNovember, 4pm to 4.45pm


The FRC enforcement team will explain the enforcement process and key communications touch points, including what we can say publicly and when.  They will give an overview of our enforcement activities in the year, including trends in fines, outcomes and key themes and highlight a few examples of key cases that concluded this year.

Thursday 26thNovember, 4pm to 4.45pm

Audit Quality & Standards

Audit quality is a really hot topic at the moment, this session will include an overview and update on Operational Separation, a summary of AQR scores this year and themes and an explanation of the new structure of the FRC’s supervision activities.  They will also talk about key upcoming work on Audit Quality Indicators, the Audit Firm Governance Code and explain how you can give your views

Friday 27thNovember, 4pm to 4.45pm

Corporate Governance & Stewardship

We end the week with a wrap up on UK Corporate Governance, including the findings and recommendations of our review of AGMs, our annual review of reporting against the Corporate Governance Code and our research projects this year.  We will also update on the new Stewardship Code and what retail investors should expect to see from your asset managers and pension funds.

You can ask questions on the day or pre-submit them to me, Cliff Weight.

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