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The Latest Breaking News from FRC

Former Virgin Money boss picked as next chair of UK’s auditing watchdog

Dame Jayne-Anne Gadhia has been announced as the Government’s pick to chair the Financial Reporting Council.

Evening Standard

Audit firm to Gupta metals empire fined and banned for ‘egregious’ failures

UK watchdog gives King & King severe reprimand for failing ‘to identify clear self-interest’ when conducting audits

The Guardian - UK

Cheesecake Factory Stock Is Up Over 50%—Is There Room for More CAKE?

CAKE stock is up more than 50% year-to-date after a Q1 2026 earnings beat, driven by 20% FRC portfolio sales growth, though North Italia's struggles pose risks.

MarketBeat

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BDO fined £2m by audit watchdog after collapse of construction firm NMCN

The Financial Reporting Council also handed one of the accounting firm’s most senior partners, Geraint Jones, a fine.

Evening Standard

Carillion finance directors fined and banned by accountancy watchdog

The Financial Reporting Council announced sanctions against two former Carillion finance directors and three senior accountants at the collapsed firm.

Evening Standard

Five former Carillion executives banned by accountancy regulator

Richard Adam, Zafar Khan and three others are also fined by Financial Reporting Council

The Guardian - UK

The UK government’s retreat from Carillion audit reforms is feeble

Eight years after systemic flaws were exposed, ministers have abandoned their long-promised overhaul in favour of another ‘pro-growth’ nod

The Guardian - UK

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UK accounting body to halt remote exams amid AI cheating

Candidates will have to sit assessments in person unless there are exceptional circumstances, says ACCA

The Guardian - UK

Lammy labels Gaza famine ‘utterly horrifying’

The Integrated Food Security Phase Classification said on Friday that famine is occurring in Gaza City and could spread further south.

Evening Standard

Experts warned that Gaza was at risk of famine. Here’s why they confirmed it for Gaza City

The world’s leading authority on food crises has determined that the Gaza Strip’s largest city is now gripped by famine

The Independent UK

UK watchdog investigates eight years of Deloitte audits of mining firm Glencore

FRC examines whether accounting firm ‘gave sufficient consideration to risk of non-compliance with laws’

The Guardian - UK

EY being investigated over Post Office auditing during Horizon scandal

Financial Reporting Council looking into whether firm met its standards in connection with Horizon IT system

The Guardian - UK

EY investigated by watchdog over audit of Post Office’s Horizon system

The Financial Reporting Council said it had started looking at the audits conducted between March 2015 and March 2018.

Evening Standard

EY fined almost £5m for Thomas Cook auditing failures

The historic travel agent collapsed in 2019, resulting in 9,000 job losses.

Evening Standard

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The Guardian - UK

EY fined almost £5m for breaching standards in Thomas Cook audit

EY admits to failings in assessment of 2017 and 2018 financial statements of travel firm, which collapsed in 2019

The Guardian - UK

PwC fined £2.9m over audit of Sanjeev Gupta’s Wyelands Bank

FRC severely reprimands accountancy group and one of its former main auditors after ‘serious failings’ in 2019

The Guardian - UK

Watchdog to investigate two former figures at bankrupt Woking council

Exclusive: Local authority in Surrey declared itself effectively bankrupt in 2023 after series of risky investments

The Guardian - UK

KPMG under investigation over audit of gambling company Entain

FRC confirms inquiry into accounting firm’s 2022 audit of Ladbrokes, Coral and Sportingbet owner

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Evening Standard

KPMG being probed by accounting watchdog over Entain audit

The Financial Reporting Council said it had launched an investigation into KPMG’s work on Entain’s 2022 accounts.

Al Jazeera

‘Strong likelihood’ of imminent famine in north Gaza: Food security experts

Famine thresholds ‘may have already been crossed or else will be in the near future’, Famine Review Committee warns.

The Guardian - AU

Middle East crisis: Amsterdam officials ban protests after violence; Hamas says it has ‘not received’ request to leave Qatar – as it happened

Prosecutors expect more arrests; Qatari diplomatic source had earlier told AFP that ‘the Hamas political office no longer serves its purpose’ in Doha

The Guardian - AU

‘Strong likelihood’ of imminent famine in northern Gaza, food experts warn, as Israel continues siege

‘Looming catastrophe’ will ‘dwarf anything we have seen so far’ in Gaza since 7 October 2023, famine review committee says

Radio France Internationale

Famine and floods add to distress of Sudanese displaced by war

Famine, floods and disease are adding to strife in conflict-torn Sudan, NGOs are warning. The Darfur region has been hit hard, especially in camps for displaced people.

Top News

Famine Declared In Darfur Refugee Camp

Famine declared in Zanzam camp, Sudan due to conflict, highlighting urgent need for international aid and conflict resolution.

The Guardian - UK

‘Big four’ accountancy firms PwC and EY fined over LC&F audit failures

Firms fined millions after London Capital & Finance’s 2019 crash wiped out customers’ savings

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