In this month’s audit updates, FRC loses Court of Appeal challenge over disputed Sports Direct documents, budget rise to fund recruitment drive at Financial Reporting Council, ARGA audit regulator on the agenda, and audit flip at Hill & Smith
The Financial Reporting Council (FRC) has hit a legal stumbling block in its efforts to require Sports Direct to provide legally privileged documents as part of its probe into Grant Thornton’s auditing of the retailer’s 2016 accounts.
The Court of Appeal ruled in favour of Sports Direct, stating that the recipient of a notice by the FRC requesting information under the Statutory Auditors and Third Country Auditors Regulations 2016 (SATCAR) is not required to produce legally privileged documents [Sports Direct International plc and the Financial Reporting Council, [2020] EWCA Civ 177].
Already subscribed? Please log in.
Your free features:
- Breaking news and expert analysis
- Customisable daily newsletters
- Six free CPD learning modules each year
- Personalised CPD tracker
- Top 75 Firms league tables
- Regulatory changes
- Hardman’s Tax Data
