Head Of UK’s Financial Reporting Council Quits Amid Scrutiny

PYMNTS

s Financial Reporting Council is reportedly stepping down from the position amid continued scrutiny that the FRC lacks effectiveness to prevent corporate accounting scandals and industry failures. Reports in Reuters on Friday (Nov. Some lawmakers have called upon the government to break up the FRC into two separate bodies that may be more effective at preventing accounting failures. The head of the U.K.’s

Accounting Expertise In C-Suite Can Compromise Financial Reports

PYMNTS

It’s common sense that a corporation would want its C-Suite to have some knowledge of accounting practices, and one could assume that a lack of understanding of corporate accounting may heighten the risk for misstatements on financial reports. In their “Do Auditors Recognize the Potential Dark Side of Executives’ Accounting Competence?”

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Number Of Corporate Accounting Errors Unexpectedly Climbs

PYMNTS

A research firm has discovered that the number of material accounting mistakes made by U.S. listed companies since 2005, finding firms that had to reissue their financials due to errors. While the number of mistakes has declined every year since 2006, during the first six months of 2018, 65 companies found accounting mistakes that required them to restate and refile entire financial filings, compared with 60 companies for the same period last year.

Small Businesses At The Center Of Bots Vs Accountants

PYMNTS

Behind many shifting trends in small business (SMB) financial services — the rise of FinTech service providers, the emergence of artificial intelligence (AI), even regulatory efforts to promote bank switching — is a growing realization for the industry: Business owners don’t just want number crunchers and money holders; they want advisory services and guidance to help grow their firms. These reports reflect the changing role of the human financial professional.

UK Auditing Market Pressure Grows With Parliamentary Probe

PYMNTS

Reports in Reuters on Sunday (November 11) said the U.K. Parliament will commence an inquiry into the nation’s corporate auditing market, which is currently dominated by the Big Four accounting firms Deloitte, PwC, EY and KPMG, adding new pressure on an industry already being probed by other policymakers. The probe comes as policymakers work to boost competition in the financial services space.

Finance profession to see new sustainability related roles

Future CFO

The finance profession will see new roles created out of sustainability needs, said the Institute of Singapore Chartered Accountants (ISCA) recently. Decarbonisation of the environment More companies participating in sustainability reporting Expansion of green finance.

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