Today 18 Feb 2019, ShareSoc & UKSA have written to The Rt Hon Greg Clark MP, Secretary of State for Business, Energy and Industrial Strategy. We made three key points:
Appointment of auditors by a third party with the relevant skills and expertise would, once and for all, break the current link of excessive dependency between auditors and those they audit.
If, on a trial basis, the Regulator started by managing the appointment of auditors for FTSE 100 companies this would ...
ShareSoc and UKSA joint response to the FCA Sector Views consultation is available here.
The Financial Conduct Authority’s Sector Views publication provides its annual analysis of the changing financial landscape, the resulting impacts on consumers and market effectiveness. This analysis will feed into the FCA Business Plan 2019/20.
Although the Sector Views are not a consultation, the FCA are interested in the views of stakeholders on its findings. ShareSoc & UKSA made a joint submission. The main points we made were:
We are appalled that Sector Views fails to give sufficient weight to the damning criticisms of ...
Our relationships with key opinion formers continue to grow. Peter Parry, Mike Dennis, Mark Bentley and I had a very useful meeting with BEIS on 8 Jan and at their request I have written explaining why the Minister should now act on the nominee account issue. A copy of my letter of 18 Feb is below. (The reason for the long delay in writing this letter was due to illness. It was delayed due my trip to Cambodia and Vietnam, and then ...
UKSA and ShareSoc made a a joint response to the FRC Post Implementation Review of 2016 Ethical and Auditing Standards
The main points we made were:
We welcome the FRC’s decision to hold a post-implementation review of the 2016 Ethical and Auditing standards.
The audit profession and audits are in a state of crisis. The recent cases of Carillion, Conviviality, Patisserie Holdings, Flybe and Interserve make investors very worried as to whether they can trust accounts. It is not just the high ...
ShareSoc and UKSA joint response to FRC Post Implementation Review of 2016 Ethical and Auditing Standards is available here.
ShareSoc and UKSA joint response to CMA Update Paper on UK audit market is available here.
The UK Shareholders Association and ShareSoc have made a joint submission to the Competition and Markets Authority (CMA) in response to the update paper they have issued relating to their audit market study. Our submission is available here: CMA - Response to Update Paper Final
The key points we made were:
The need for radical change
The Siren voices, from those involved who argue for limited change, should be ignored.
The quality of audits needs to be improved.
Peer review is a good ...
ShareSoc and UKSA joint response to BEIS Parliamentary Committee on Future of Audit is available here.
ShareSoc and the UK Shareholders Association have submitted this joint response on behalf of individual investors to the House of Commons BEIS Committee enquiry on the future of audit. It is a joint response from UKSA and ShareSoc on behalf of individual investors.
UKSA and ShareSoc represent the interests of private shareholders. In addition to our own members, there are 5 million people who own shares and have investment accounts with platforms in the UK. The Office for National Statistics estimates that individual investors ...