DAC Beachcroft's Accountancy Newsletter features topical issues for our clients and contacts
Round up of FRC activity in 2024
We summarise and review the key FRC events from 2024 with a focus on investigations resulting in sanctions, the FRC's review into barriers to entry and growth in the audit market, the threats and opportunities of AI, and more.
Nardelli v Richardson [2024] EWHC 2740 (Ch) - The difficulties and hurdles in removing insolvency officeholders
In a very litigious and long-running saga concerning some land near Bicester, a recent judgment involved parties applying to remove the Administrators.
The new offence of failure to prevent fraud under the Economic Crime and Corporate Transparency Act - what are the likely implications for the accountancy sector?
The Economic Crime and Corporate Transparency Act (ECCT) introduces a new offence of failure to prevent fraud which will come into force on 1 September 2025. We look at which companies are subject to this new legislation, and the relevance of the government's guidance for the accountancy sector.
Ickenham Travel Group Limited v Tiffin Green Limited [2024] EWHC 27 (Comm) - The MBS purpose test applied to audit - a shape of things to come?
This case of alleged audit negligence has potentially important legal ramifications for auditors of regulated businesses, and is a salutary reminder of the dangers of mission creep and the importance of the letter of engagement and its inclusion of a Bannerman Clause.
Accountants' Reports on solicitors' practices – key proposals and exposures arising from the collapse of Axiom Ince
On 21 October 2024, an independent review of the regulatory events leading up to the SRA's intervention in Axiom Ince ("the Axiom Report") was published. We look at the recommendations following the review and its implications for accountants preparing SRA accountants' reports.
