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Conducting Corporate Internal Investigations
A recent English case may cause concern amongst Hong Kong auditors hoping to protect themselves from liability towards third parties by the inclusion of standard disclaimer wording in their engagement agreements. The decision...more
The High Court recently dismissed a claim by Ickenham Travel Group Limited (ITG) against its former auditor, Tiffin Green Limited. The decision sheds light on how English courts are likely to approach audit negligence...more
The attractiveness of the United Kingdom as a business location is unabated. There are many advantages to doing business in the UK. Investors can draw on a skilled workforce and access a large market; costs of labour and...more
Chartered accountants are accustomed to continuous oversight of their work by regulators. While regulatory supervision can often be a collaborative process, it does sometimes culminate in individual accountants and firms...more
There are few areas in financial services that have had to repeatedly adapt and change as much as modeling teams over the last 18 months. They’ve helped their business units navigate the challenges of mitigating risks and the...more
King & Spalding’s April Client Alert provided an overview of and practical advice related to issues that an employer should consider before conducting an internal investigation in the United Kingdom: privilege, privacy,...more
The Financial Conduct Authority (FCA) has published Primary Market Bulletin No.33 (PMB No.33) featuring Brexit-related changes for EEA audit firms, details of their new online portal for submitting major shareholdings...more
The Court of Appeal has recently handed down a number of important judgments addressing the scope of Legal Professional Privilege (LPP). In Sports Direct International plc v Financial Reporting Council, a unanimous Court of...more
In its March guidance for auditors, the UK Financial Reporting Council (FRC) recognised the practical difficulties some companies and auditors are facing in preparing accounts and carrying out audits. The FRC highlighted the...more
Whilst the full scope of the potential impact of COVID-19 for financial covenant calculations and other purposes within loan agreements can only properly be assessed on a deal-by-deal basis, it is still possible to identify...more
On 16 March 2020, the UK Financial Reporting Council (FRC) issued updated guidance for auditors which may be facing practical difficulties in carrying out audits as a result of the COVID-19 pandemic....more
Sports Direct has successfully appealed a problematic first instance decision that allowed the Financial Reporting Council (FRC) access to privileged communications. The judgment provides welcome confirmation to companies...more
On 24 October 2019, the Financial Reporting Council (the "FRC"), the regulatory body for auditors, accountants and actuaries, published the UK Stewardship Code 2020 (the "Code"). In its press release, the FRC states that the...more
Buyers’ best defence against M&A fraud requires rigorous, pre-closing due diligence — when fraud is suspected, deal teams should seek legal advice and proceed with caution. Recent high-profile fraud cases gravely...more
Incorrect advice given by an auditor as to the accounting treatment of interest-rate swaps did not make it liable for the close-out costs of those swaps which became necessary, following the application of the correct...more
The recent case of Financial Reporting Council Limited v Sports Direct International Plc1 serves as a reminder of the tension between companies wishing to protect privileged information and auditors receiving and relying upon...more
The Financial Reporting Council (FRC), the regulatory body for accountants, auditors and actuaries in the UK, was allowed access to privileged material of a client of an auditor under investigation....more
A building society sued its auditors for the close-out costs of interest rate swaps entered into on reliance on advice that they could be accounted for as hedges. The High Court found negligence, which was the cause of the...more
SEC/CORPORATE - SEC Division of Corporation Finance Issues 12 New and Revised C&DIs Regarding Non-GAAP Measures - As noted in the May 13 edition of Corporate and Financial Weekly Digest, SEC Chair Mary Joe White,...more
The SEC filed its first action against a municipal adviser for breach of fiduciary duty based on a provision amended by Dodd-Frank. The agency also continued to file insider trading actions in an administrative forum....more
The PCAOB filed a settled action involving an auditing firm in which the consent order of settlement was based on admissions of facts. The approach is similar to the one adopted by the SEC in which the Commission requires...more
While most commenters at the PCAOB’s April 2–3 public meeting on the Auditor’s Reporting Model proposal expressed support for additional reporting by auditors, the views as to the nature of such reporting were disparate and...more
As part of its ongoing investigation into the UK audit services market, the Competition Commission ("CC") has provisionally decided on a package of remedies that will require FTSE 350 companies to put auditing contracts out...more