Reporting accountants meaning

UK developments FRC launches consultation on proposed UK version of ISSA 5000 The Financial Reporting Council (FRC) has opened a consultation on a UK-specific edition of the International Standard on Sustainability Assurance (ISSA) 5000, ‘General Requirements for Sustainability Assurance Engagements’. The draft is for voluntary adoption by assurance providers and mirrors the international standard to lessen the burden on firms carrying out assurance engagements across multiple jurisdictions. It is also intended for use by both professional accountants and other assurance practitioners who satisfy the relevant quality management and ethical criteria. The consultation closes on 31 July 2025. See: LNB News 29/05/2025 30. Source: FRC Consultation Release: Introduction of International Standard on Sustainability Assurance (UK) 5000. Government launches three consultations to modernise the UK sustainability reporting framework The government has initiated three consultations as part of its programme to modernise the UK’s sustainability reporting framework...

As at 20 November 2024, our Practice Compliance forecast monitors proposed regulatory shifts relevant to law firm compliance, enabling you to prepare for developments pertinent to your organisation. Please review it thoroughly; nevertheless, we flag a few points that should be on your radar below. New items we’re tracking this month FATF consultation on amendments to the FATF Standards — The Financial Action Task Force (FATF) is considering updates to its Recommendations to better align with measures that promote financial inclusion. This forms part of FATF’s programme to address the unintended consequences of AML/CTF measures. The consultation closes on 6 December 2024. See: AML, CTF and counter-proliferation financing. FATF updates grey listing criteria to sharpen risk focus — The FATF has revised its criteria for listing countries, aiming to relieve pressure on the least developed nations and concentrate on those posing higher risks to the global financial system. See: AML, CTF and counter-proliferation financing. Treasury Committee calls for evidence on acceptance of physical cash...

One of the SRA’s priorities in its ten-week consultation is tightening the framework for accountants’ reports to strengthen the watchdog’s oversight, enabling it to better detect when law firms put client money at risk. In this strand, the SRA suggests a compulsory yearly declaration, requiring every law firm to keep a compliance record, together with a new obligation for accountants to submit reports directly to the watchdog in future. These measures are designed to enhance oversight and help the watchdog pinpoint when client funds are at risk. The watchdog has proposed bringing in fixed financial penalties for law firms that submit declarations late or provide them in an incomplete form...

This Practice Note sits within a multi-jurisdictional guide that covers the key elements of establishing particular business entities worldwide. Leading firms in the Multilaw global network respond to core questions on the subject. This guide outlines the principal issues when setting up a private limited company in Cambodia. Current as of 23 July 2024. Author: Jay Cohen and Mealtey Oeurn, Tilleke & Gibbins, a Multilaw member firm... Common entities What form of entity is the subject of this questionnaire? Which other commonly used entities in this jurisdiction are dealt with in another questionnaire? Private limited company (Kromhoun Elachon Tortoul Khos Trov Mean Komrith) (subject of this response)... Identify other entity types in your jurisdiction that exist but are not covered by a questionnaire at this time: General partnership (Kromhoun Sahakkramaseth Toutov) Sole proprietorship (Sahakreas Ekbokkol) Branch (Sakha Kromhoun) Representative office (Kariyealy Tamnang Peanechchokam) Public limited company (Kromhoun Mohachun Tortoul Khos Trov Mean Komrith) Limited...

This Practice Note forms part of a cross-border guide that explains essential considerations in setting up specific business vehicles across worldwide jurisdictions. Leading law firms within the Multilaw global network respond to central questions on this area. This edition sets out the key points to consider when registering a registered overseas company in New Zealand. Current as at 13 January 2023. Authors: Mark Lowndes and Kerri Dewe, Tompkins Wake, a Multilaw member firm Common entities Which entity type does this questionnaire address? Which other commonly used entities in this jurisdiction are covered in a different questionnaire? This response concerns the registered overseas company (branch/representative office). The limited liability company (LLC) is dealt with in a distinct response prepared separately. Name other entity types available locally that are not presently covered by a questionnaire: Sole proprietorships Partnerships Limited liability partnerships Unincorporated joint ventures Trusts Look-through companies General principles...

This Practice Note outlines the professional indemnity insurance (PII) obligations for accountants and auditors, together with detailed guidance on the Institute of Chartered Accountants in England and Wales (ICAEW) Minimum Terms and Conditions (MTC). Regulatory setting Who is the regulator? The Financial Reporting Council (FRC) provides non-statutory oversight of how the six chartered accountancy bodies regulate their members. Each of these bodies sets its own professional indemnity insurance requirements. This Practice Note concentrates on the ICAEW, one of those bodies. As an improvement regulator, the ICAEW safeguards the public by ensuring members uphold the highest levels of professional competence and conduct. Is insurance compulsory for practice/membership? Professional indemnity insurance is mandatory for all ICAEW members who hold a practising certificate and operate in public practice. Members must follow the ICAEW PII Regulations, which specify the required level of cover, the participating insurers, and the minimum policy wording those insurers must adopt. The latest PII Regulations take effect from 1 September 2024. Is there an...

STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026 The framework now governing public offers of securities and admissions to trading in the UK is chiefly set out in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), together with the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. These reforms are intended to streamline capital raising and markedly cut the number of situations in which a company must publish an FCA approved prospectus when undertaking a further issue of shares...

[ insert name of offeror ] [ PLC OR Limited ] Minutes of a meeting of [ a committee of ] the board of directors of [ insert full name of offeree ] (the Company) convened at [ insert place of meeting ] on [ insert day, month and year of meeting ] at [ insert time of meeting ] [ am OR pm ]. Present [ Insert names of director(s) physically present ] [ Insert names of any directors present by telephone as permitted by the Company’s articles of association ] (by telephone) [ Insert names of any directors present by other means permitted by the Company’s articles of association ] (by [ insert other means ]) In attendance [ Insert name ] (representative of [ name of financial adviser ], the Company’s financial advisers (the Bank )) [ Insert name ] (representative of [ name of law firm ] (the Company's solicitors ))...

[ On reporting accountants’ letterhead ] The Directors [ Insert company and sponsor details ] [ Insert date ] Dear [ insert name ] [ Insert name of company ] (the Company): [ Placing AND/OR Open offer AND/OR Rights issue ] of [ insert number ] [ insert class ] shares of [ insert nominal value ] each Further to our engagement letter dated [ insert date ], we performed the procedures below on the Statement of Capitalisation and Indebtedness of the [ Company OR Company's group ] included in the Company’s prospectus dated [ insert date ]. The Statement of Capitalisation and Indebtedness was prepared by, and is solely the responsibility of, the Company’s directors. Procedures [ Insert procedures undertaken re the Statement of Capitalisation and Indebtedness ]. Opinion Solely from the procedures above, [ insert opinion, e.g. nothing has come to our attention to indicate that the Statement of Capitalisation and Indebtedness requires adjustment ]. Other matters ...