11 - Legislation, Regs and Emerging Matters Flashcards Preview

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Flashcards in 11 - Legislation, Regs and Emerging Matters Deck (4)
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1

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

2

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

3

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

4

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