SIGnet Join Donate Contact Login
ShareSoc — UK Individual Shareholders Society
Popular AGM voting guidance Investor Academy Company research Woodford campaign SIGnet groups
SIGnetJoinDonateContactLogin

FRC Enforcement Video

The ShareSoc blog provides news and informal commentary from directors, members and other contributors. Entries reflect the personal views of the authors, which do not necessarily reflect ShareSoc’s formal position. Contributors may hold shares in the companies mentioned. Nothing in this blog should be viewed as financial advice. You may submit comments on blog posts, but ShareSoc reserves the right to remove or edit inappropriate or defamatory submissions.

The FRC is working hard to improve its transparency. Some would say they are not working hard enough and need a much more fundamental review.

Recently there has been a marked increase in the number and level of fines they have levied on audit firms and audit partners, which we regard as positive

On 12 July 2018, the FRC issued a News Alert about FRC executive Claudia Mortimore discussing the FRC’s enforcement process.

In the video clip, Claudia Mortimore discusses how the team approaches often large and complex investigations, including the process, timing, challenges and decision making on enforcement action and sanctions.  See https://frc.org.uk/news/july-2018/claudia-mortimore-discusses-the-frc’s-enforcement

Members may find it helpful to watch this video.

Two other points:
1. We will be making a joint submission with UKSA to the Kingman review, which is new comprehensive review to examine the role and powers of audit regulator, the FRC, more info at https://www.gov.uk/government/news/government-launches-review-of-audit-regulator, https://news.sky.com/story/kingman-drafted-in-to-lead-review-of-embattled-audit-watchdog-11316813 and https://www.sharesoc.org/blog/regulations-and-law/the-quindell-story-and-the-frc/ where I describe my (early) thoughts about what should be done with the FRC.
2. The FRC event where the FRC update ShareSoc and UKSA members on what they are doing and plan to do is on Dec 4th 2018. Full details and how to book will be sent out nearer the time, but pleae keep the date in your diaries.

Cliff Weight

Post Date: July 14, 2018

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Become a free Associate ShareSoc member

Enter your email to sign up as a free Associate ShareSoc member and receive our emails. It takes a few seconds — and on the next page you'll have the option to customise your membership.