Consultations

Audit / Government plans overhaul of dividend framework

The government is considering whether to reinforce the rules on dividend payouts and distributions to give stronger reassurances to shareholders and prevent dividends from undermining the viability of a company, reports James Bunney

Audit / Large private companies face extension of corporate governance code

The Financial Reporting Council (FRC) has published a consultation on corporate governance principles for large private companies, on behalf of James Wates who has been chairing a coalition group considering the need for improved transparency and accountability in this area

Audit / Monitoring Group says widespread support for audit standards reform

The Monitoring Group is to push ahead with proposals for reform of the way in which audit standards are set globally, including steps to make the process independent of the audit profession, saying feedback to its consultation has revealed widespread support for some, but not all, of its proposals

Audit / Call for evidence for Kingman review of FRC’s role

Sir John Kingman has launched a two-month long call for evidence as part of his independent review of the Financial Reporting Council (FRC), which will examine the regulator’s role, impact and effectiveness, powers, governance and leadership

Audit / FRC receives no feedback on third country auditor’s fees consultation

Due to the Financial Reporting Council (FRC) receiving no response on its consultation on plans to increase registration and annual renewal fees for third country auditors, the regulator has decided to put the 2018 Instrument into effect from 29 May 2018

Audit / IAASB seeks stakeholder views on its future strategy

The International Auditing and Assurance Standards Board (IAASB) has released a survey to seek views from its stakeholders on emerging developments and trends that are likely to be important to its 2020-2023 strategy

Audit / Babington: Monitoring Group must ensure audit standard setting fit for future

As the Monitoring Group considers the response to its ambitious proposals to overhaul audit standard setting, Mark Babington, deputy director, audit policy of the Financial Reporting Council (FRC), calls for wide stakeholder involvement to ensure the proposed Public Interest Framework, set for release this autumn in draft format, is fit for purpose

Audit / Global ethics board consults on professional scepticism in audit

The International Ethics Standards Board for Accountants (IESBA) has issued a consultation on how to improve the standards of professional scepticism shown by accountants and auditors, and whether to make it a mandatory requirement

Audit / Government names advisory group for audit regulator review

Two ICAEW members are among the panel of 11 senior figures from business, the investment community, governance and regulation that will support Sir John Kingman’s review into the audit regulator, the Financial Reporting Council (FRC)

Audit / Monitoring Group governance plans for audit face fierce criticism

Plans put forward by the Monitoring Group for a major overhaul of the global audit standard setting process, which include significant governance changes and the creation of a single audit and ethical standards setting body, have run into stiff opposition

Audit / PRA reviews external audit of public disclosure rules

The Prudential Regulation Authority (PRA) is consulting on a revision to the rules for the external audit of public disclosure requirements under Solvency II, which would see certain smaller insurers excluded from the requirement

Audit / ACCA calls for focus on principles and outcomes in corporate governance

The UK corporate governance code should have a stronger focus on understanding and applying the principles of good corporate governance, rather than a compliance-led ‘box ticking’ approach, according to ACCA’s feedback to the Financial Reporting Council's (FRC) consultation on proposed changes

Audit / Monitoring Group considers single board for ethics and assurance standards

A roundtable discussion held by The Monitoring Group of its proposed overhaul of the global audit standard setting process revealed broad support for a potential restructure

Audit / FRC to extend corporate governance code beyond FTSE 350

The Financial Reporting Council (FRC) is planning to overhaul the UK corporate governance code with a greater focus on stakeholders, integrity and corporate culture, as well as extending the rules to include large private companies outside the FTSE 350

Audit / Corporate Governance Code overhaul chance to strengthen internal audit role

Dr Ian Peters, chief executive of the Chartered Institute of Internal Auditors, explains why internal audit is being given a critical role in the Financial Reporting Council’s (FRC) review of the Corporate Governance Code
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