By Fiona Reddan Stephen Haddrill, Chief Executive of the Financial Reporting Council, talks to Fiona Reddan about the challenge of Brexit, his commitment to high-quality regulation and the need to rethink the role of audit. Brexit is in the air. Legislative proposals to trigger Article 50 and commence the UK’s departure from the European Union… Read More Charting a course through choppy waters
By Julia Morris The Engagement Quality Control Review is a pivotal means of safeguarding audit quality in audit firms, writes Julia Morris. The Engagement Quality Control Review (EQCR) is a key internal quality control used by audit firms on audits of financial statements. However, in a recent review, the Financial Reporting Council (FRC) found that… Read More Improving audit quality control
By Julia Irvine Audit firms’ systems for monitoring the quality of the audits they carry out are not up to scratch, according to the Financial Reporting Council. As a result, the regulator says in its report on the principal findings of the first thematic review on audit quality monitoring, most firms only identify a relatively small… Read More Audit firms’ controls flawed
By George W. Russell In the course of 25 years, Stephen Haddrill has progressed from Hong Kong’s Central Policy Unit to the top job at Britain’s Financial Reporting Council. He tells George W. Russell about translating reform-minded objectives into meaningful regulation that brings results for investors and other stakeholders. In 1990, Stephen Haddrill, then a… Read More Reforming reporting: An interview with Stephen Haddrill, UK Financial Reporting Council CEO
The Financial Reporting Council is proposing to heavily restrict the ability of auditors of small non-public interest entities (PIEs) to give their clients tax advice.