Governance in brief

Governance in brief provides a summary of the latest Corporate Governance developments.

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Governance in brief — FRC sets out key matters for 2022/23 reporting season

07 Dec, 2022

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting setting out key matters for 2022/23 reporting season.

Governance in brief — FCA and FRC publish findings on climate change disclosure — improvements required

06 Sep, 2022

At the end of July, the Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) published the findings of their first joined up, and mutually complementary, reviews of mandatory climate reporting under the new Listing Rule requirements. The FCA sets out its expectations for compliant reporting, underpinned by the need to establish and embed adequate climate reporting procedures, systems and controls at companies. It outlines the findings from its review and highlights that it is considering whether to take regulatory action against certain listed entities for inadequate reporting. The FCA also reiterates support for the forthcoming International Sustainability Standards Board (ISSB) standards and the intention to move away from ‘comply or explain’ to mandatory disclosure alongside the adoption of those standards in the UK. The FRC’s complementary report evaluated both the quality of Task Force on Climate-related Financial Disclosures (TCFD) and the extent of climate-related disclosures within the financial statements. It provides examples of better practice disclosures which both the FRC and the FCA encourage companies to refer to when preparing or seeking to improve their own disclosures.

Governance in brief — FRC issues advice on annual reports for 2021/22 reporting season

11 Nov, 2021

The FRC issues advice on annual reports for 2020/21 reporting season

FRC issues advice on annual reports for 2019/20 reporting season Image

Governance in brief - FRC issues advice on annual reports for 2020/21 reporting season

23 Nov, 2020

FRC issues advice on annual reports for 2019/20 reporting season

Governance in brief — New audit independence rules: the Revised Ethical Standard 2019

04 Feb, 2020

The FRC published its Revised Ethical Standard in December 2019. We have updated our publication for clarifications and an erratum issued by the FRC, including the just-published definition of an “Other Entity of Public Interest” (OEPI). A previous version of this publication said the Standard was effective for periods commencing on or after 15 March 2020; this has now been clarified in the context of the application of transitional provisions.

Governance in brief — IIA raises the bar on internal audit

23 Jan, 2020

The Institute of Internal Auditors is seeking to reinforce the role of the internal audit profession as a cornerstone of good corporate governance through the publication of this Internal Audit Code of Practice. This builds on earlier work developing a similar Code of Practice for financial services firms. The Code aims to be regarded as a benchmark of good practice against which organisations can assess their internal audit function. This is a far reaching Code and will raise the bar for many organisations, both public and private, should they wish to comply with the Code.

Governance in brief — FRC issues advice on annual reports for 2019/20 reporting season

14 Nov, 2019

The FRC has issued its Annual Review of Corporate Reporting and annual open letter to finance directors and audit committee chairs covering its perspectives on key developments and areas of focus for 2019/20 annual reports. The report sets out the FRC’s “expectations for corporate reporting to improve trust in business”, emphasising the annual report is a vehicle of trust and stewardship.

Governance in brief — New 2019 reporting requirements for large private companies - a reminder

17 Oct, 2019

This publication covers the new governance-related reporting requirements for large private companies in annual reports for periods commencing on or after 1 January 2019.

Governance in brief - Auditor independence rules

16 Aug, 2019

This publication explores the Financial Reporting Council’s consultation on proposed changes to auditor independence rules and limited proposed changes to UK auditing standards. The consultation proposes an implementation date for periods commencing on or after 15 December 2019, with no transitional provisions currently envisaged, meaning that many audit committees will need to move quickly to implement the changes in advance of their new financial year.

Governance in brief — Government consults on the CMA's proposals for statutort audit services Image

Governance in brief — Government consults on the CMA's proposals for statutory audit services

01 Aug, 2019

This consultation represents the latest in the Government’s programme to strengthen and improve quality and regulatory oversight of the audit market.

Governance in brief — IIA consultation raises the bar on internal audit

26 Jul, 2019

The Institute of Internal Auditors is seeking to reinforce the role of the internal audit profession as a cornerstone of good corporate governance through the development of an Internal Audit Code of Practice. This builds on earlier work developing a similar Code of Practice for financial services firms. The draft Code aims to be regarded as a benchmark of good practice against which organisations can assess their internal audit function.

Governance in brief — Brexit and viability disclosures - a timely reminder

05 Feb, 2019

This Governance in brief examines the responsibilities of directors regarding risk and viability reporting, the importance of directors understanding the potential impact of Brexit through internal scenario planning, and how the board can ensure that shareholders and other stakeholders receive unambiguous disclosure through the annual report.

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Governance in brief

Related Publications

Governance in brief — FRC sets out key matters for 2022/23 reporting season

Governance in brief — FCA and FRC publish findings on climate change disclosure — improvements required

Governance in brief — FRC issues advice on annual reports for 2021/22 reporting season

Governance in brief - FRC issues advice on annual reports for 2020/21 reporting season

Governance in brief — New audit independence rules: the Revised Ethical Standard 2019

Governance in brief — IIA raises the bar on internal audit

Governance in brief — FRC issues advice on annual reports for 2019/20 reporting season

Governance in brief — New 2019 reporting requirements for large private companies - a reminder

Governance in brief - Auditor independence rules

Governance in brief — Government consults on the CMA's proposals for statutory audit services

Governance in brief — IIA consultation raises the bar on internal audit

Governance in brief — Brexit and viability disclosures - a timely reminder

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Correction list for hyphenation