Key trends impacting professional accountants
Against a backdrop of increased activity by the regulatory bodies and a number of new high-profile cases that have set precedents in this area - accounting firms in the UK face an increasing level of scrutiny. This includes increasing monetary sanctions for misconduct.
In fact, 2016 is notable for the record level of fines levied internationally against accounting firms and their partners by regulators operating across borders. Public and political scrutiny has intensified and the appetite for redress following corporate scandals continues. This trend of increased regulatory focus and greater penalties is likely to continue.
With this in mind, Grant Thornton have produced the Accounting Integrity and Conduct Review 2016. The review was compiled by our Accounting Integrity and Conduct team - specialists in investigating or advising in relation to allegations of accounting irregularities, professional negligence and misconduct. It looks at the changes that occurred over the course of last year and considers how these trends will impact professional accountants in the UK. It looks at areas from regulatory oversight to investigations and enforcements including:
- An overview of regulatory versus civil actions
- The UK regulatory regime - Financial Reporting Council (FRC) cases update
- FRC thematic reports and reviews including: Extended auditor’s reports, Audit Quality Thematic Review, Engagement Quality Control Reviewers and developments in Corporate Governance Stewardship 2015
- Our 15th annual FTSE 350 Corporate Governance Review
- The FRC paper ‘Corporate Culture and the role of the Boards’
- The new Ethical Standard governing the work of audit engagements and other public interest assurance engagements
To find out more visit: Accounting Integrity and Conduct