11 - Legislation, Regs and Emerging Matters Flashcards
Impact of EU policy on CA 2006
Issuing directives that much be incorporated into laws
Making regulations which become law throughout EU without need for national
What is the financial reporting council? FRC
UKs independent regulator for corporate reporting and governance
FRC board make key decisions and strategic direction of FRC
What is the Kingman review?
April 2018 independent review of FRC led by Sir John Kingman
Consider governance, impact and powers so it was fit for future
March 2019 new enhanced regulator to be established to transform audit and accounting sector in response to review findings
Still in progress p
FRC thematic reviews carried out, greater depth on issues raised in inspection findings
Other info in annual report (Dec 2018)
- all financial and non financial info other than FS and audited parts of directors remuneration report
- policies and procedures of audit firms
- changes firms have made for new standards
- application on sample of 30 audits
Lack of work over it
Transparency reporting (Sept 2019) - auditors need to report details of ownership, structure and internal quality control systems and quality assurance
Do put effort into it, limited awareness by users
