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The Financial Reporting Council ( FRC ) has commenced an investigation into Saffery Champness in relation to its audit of the financial statements of Greensill Capital (UK) Limited for the year ended 31 December 2019.
The decision was made at a meeting of the FRC s Conduct Committee on 15 June 2021.
Notes to editors:
1. The FRC s purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
The Financial Reporting Council ( FRC ) has commenced an investigation into PwC LLP in relation to its audit of the consolidated financial statements of Wyelands Bank plc for the year ended 30 April 2019.
The decision was made at a meeting of the FRC s Conduct Committee on 15 June 2021.
Notes to editors:
1. The FRC s purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
d) Defined benefit pension scheme; e) Documentation of audit work on going concern; and f) Review and supervision of the audit. The breaches admitted were pervasive, extensive and, in relation to the audit of inventory, serious. The requirements of multiple International Standards on Auditing (UK) (ISA(s)) were breached including ISA 220 (quality control for an audit of financial statements), ISA 230 (audit documentation), ISA 240 (the auditor s responsibilities relating to fraud) and ISA 330 (the auditor s responses to assessed risks). In their audit work on inventory, the Respondents failed to exercise both sufficient professional skepticism and reasonable professional judgement; they did not obtain sufficient appropriate audit evidence to provide a reasonable basis for the auditor s opinion. In two other areas (journal entry testing and defined benefit pension scheme) the Respondents failed to conduct the Audit so