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Investigations Insights
1 March 2023
Welcome to the Investigations Insights podcast. In this podcast series, thought leaders and subject matter experts from our cross-practice Investigations network explore some of the challenges and complexities that specialist investigations work can present, and share best practice and guidance.
FRC – what’s next for ESG activities
12 February 2023
The Financial Reporting Council has published an update on its work to support high quality and comparative Environmental, Social and Governance reporting and disclosures. The latest statement sets out available resources and a reminder of work in progress where there are still ongoing challenges in ESG reporting.
FRC releases revised 3-year plan following delayed ARGA transition
6 January 2023
The FRC has announced a revised 2023-26 Draft 3 Year Plan which sets out its revised priorities for the next three years and how it will achieve them. This is the second three-year plan published by the FRC in 2022, following the previous 2022-25 3-Year Plan released on 5 April 2022. Whilst the revised plan re-affirms the FRC’s intentions to transition to the Audit, Reporting and Governance Authority (“ARGA”), the anticipated date for the transition has been pushed back from 2023 to 2024, reflecting delays to the necessary legislation to create ARGA.
FRC publishes more information on ARGA’s competition powers and invites feedback
13 December 2022
The FRC have published a policy paper that sets out further information on the regulator’s approach to competition in the audit market as it prepares to become the Audit, Reporting and Governance Authority (ARGA).
FRC publishes guidance on what makes a good environment for auditor scepticism and challenge
30 November 2022
The FRC has published a paper setting out the principal attributes of a good audit environment that facilitates professional scepticism and challenge. "What Makes a Good Environment for Auditor Scepticism and Challenge" marks the latest addition in the FRC's ‘What Makes a Good…’ series; following the FRC's ‘What Makes a Good Audit’ published in November 2021. As with the previous paper in the series, the FRC's latest guidance largely codifies existing good practice rather than presenting a significant shift in expectations.
The FRC sets out principles for ARGA's public interest test
21 November 2022
The FRC has published the set of principles that its replacement regulator the ARGA will use when assessing whether it is in the public interest for it to take regulatory action. This 'public interest test' will help ARGA shape its regulatory perimeter, impacting the types of regulatory action taken by the regulator, including supervisory engagement and enforcement actions. Public interest considerations are not new to the FRC’s decision-making, so query whether this reformulation will lead to a significant change in approach.
FRC provides insights into potential future areas of challenge
21 November 2022
The FRC has published its Annual Review of Corporate Reporting for 2021/22. The report summarises the findings arising from the review of 252 reports and accounts by the FRC's Corporate Reporting and Review (CRR) team, identifying areas for improvement and its expectations for the coming reporting season.
Government confirms plans for audit and corporate governance reform
9 June 2022
The UK government has set out its plans for reform in a response to its White Paper on restoring trust in corporate governance and audit. These include: new corporate reporting obligations, including statements on fraud measures, dividend and distributable reserves disclosures, a resilience statement and an audit and assurance policy; measures to improve competition in the audit market which will particularly affect FTSE 350 companies; and stronger enforcement powers over company reporting by the new regulator, the Audit, Reporting and Governance Authority (ARGA).
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