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Audits United Kingdom

BCLP

UK Corporate Briefing - August 2024

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Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue we discuss...more

Hogan Lovells

Auditors’ liability – English case casts doubt on effectiveness of disclaimers in negligence actions

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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

BCLP

UK Corporate Briefing - March 2024

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Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss...more

Orrick, Herrington & Sutcliffe LLP

English High Court Sheds Light on the Scope of an Auditor’s Duty in Ickenham Travel Group Limited v Tiffin Green Limited

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

A&O Shearman

EDPB launches website auditing tool

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The EDPB launched a website auditing tool to help legal and technical auditors at data protection authorities check whether websites are compliant with the law on 29 January 2024. Controllers and processors can also use the...more

BCLP

FRC Revises UK Corporate Governance Code

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Following the May 2023 consultation on the UK Corporate Governance Code (“Code”), the FRC has published a revised Code. The changes focus primarily on one area - Internal Controls whilst other changes have been kept to a...more

Trusaic

Class Action Pay Transparency Lawsuits On The Rise

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As we predicted, pay transparency has become a priority for employers worldwide in 2023. Governments and organizations are taking major steps to address disparities in pay and ensure workplace fairness. Failing to comply...more

StoneTurn

Can Understanding Insider Risk Help to Prevent Fraud?

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The UK government is moving towards introducing a new corporate criminal offence: Failure to Prevent Fraud and Money Laundering. The draft offence, contained in the Economic Crime and Corporate Transparency Bill, would hold...more

BCLP

Crisis of Trust: Corporate Governance Update 2023

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Following a series of accounting and audit scandals in recent years and what has been described as a “crisis of trust”, the UK Government, regulatory bodies, and institutional investor groups have set out to reform the UK’s...more

Latham & Watkins LLP

Food for Thought: Individuals Remain in SFO’s Sights as Four From Patisserie Valerie Charged With Fraud

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Individuals continue to face risk from prosecutions for economic crime, despite media focus on corporate criminal liability reforms. Four individuals have today appeared at Westminster Magistrates’ Court charged with fraud...more

Walkers

New independent compliance audit requirement in Guernsey

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The Guernsey Financial Services Commission ("GFSC") updated its Handbook on Countering Financial Crime and Terrorist Financing (the "Handbook") in early July 2023 and the updates included a new requirement for a "specified...more

Latham & Watkins LLP

Recent Developments for UK PLCs - June Edition

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This edition covers proposed major reforms to the listing and prospectus regimes, corporate governance reforms largely relating to audit and internal controls, and proposed changes to the Takeover Code affecting the...more

Walkers

Guernsey - The Private Investment Funds Regime

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The Private Investment Fund Rules ("PIF") regime was updated by the Guernsey Financial Services Commission ("GFSC") in 2021 to expand the available PIF product options. PIFs are governed by the Private Investment Fund Rules...more

Ankura

Financial Reporting Council’s Annual Review of Corporate Governance Reporting: Continued Progress, but Room to Improve

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We are experiencing a period of financial turmoil not seen for decades. At the risk of stating the obvious, the intense damage inflicted on government coffers by responding to a pandemic, coupled with the fallout from the...more

Walkers

Channel Islands – The International Stock Exchange – Continuing Obligations – Qualified Investor Bond Market

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This memorandum has been prepared to inform directors of companies of their obligations following the listing of bonds and any other debt securities on The International Stock Exchange ("TISE"), which is regulated by The...more

Foley & Lardner LLP

U.S. and British Law Enforcement Agencies Issue Unprecedented Warning About Chinese Espionage Efforts

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On July 6, 2022, the heads of the U.S. Federal Bureau of Investigation (FBI) and the British MI5 law enforcement agencies issued an unprecedented joint statement warning about espionage and other economic threats from China....more

Mitratech Holdings, Inc

Operational Resilience for Financial Institutions: Will You Be Ready?

The UK’s Operational Resilience Framework - Financial services regulators have been focusing on the robustness of their chartered institutions for many years. In 2020 the Federal Reserve highlighted the need for enhanced...more

International Lawyers Network

Establishing A Business Entity In England (Updated)

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

Goodwin

ESMA Cloud Outsourcing Guidelines – Practical Points for Cloud Service Providers and Regulated Entities

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The European Securities and Markets Authority (“ESMA”) Final Report Guidelines on outsourcing to cloud service providers (“the Guidelines”) came into force on 31 July 2021 and apply to all cloud outsourcing arrangements...more

International Lawyers Network

Establishing A Business Entity In England (Updated)

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

Morrison & Foerster LLP

International Tax Disputes Insights Newsletter (Spring 2021)

Our inaugural issue focuses on a truly transnational and important rule of law: the attorney-client privilege and related protections against disclosure. While this is a topic common to all areas of law, the tax arena at...more

Hogan Lovells

Restoring trust in audit and corporate governance

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The Department for Business, Energy & Industrial Strategy (BEIS) recently published a consultation paper titled “Restoring trust in audit and corporate governance”, proposing substantial and long-awaited reforms to the UK...more

Morrison & Foerster LLP

Top 10 International Anti-Corruption Developments For March 2021

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

Cadwalader, Wickersham & Taft LLP

The Government is Launching a Consultation on Reforming the UK’s Audit and Corporate Governance Regime

On 18 March 2021, the Department for Business, Energy & Industrial Strategy launched a consultation on its proposals for wide-ranging reforms to modernise the UK’s audit and corporate governance regime. The reforms proposed...more

BCLP

Government proposals to reform corporate reporting and governance

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The Government has published its long-awaited White Paper on the reform of the UK’s audit, corporate reporting and corporate governance system including a package of measures aimed at improving the UK’s audit, corporate...more

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