Moore Stephens win legal battle at House of Lords

Moore Stephens has won a House of Lords court ruling limiting auditors liability in instances of fraud, such as the Maddoff case. The ruling was in the case of Moore Stephens (a firm) (Respondents) v Stone Rolls Limited (in liquidation (Appellants).

Dunfermline Building Society report

The UK Government's Scottish Affairs Committee has published its report into the collapse of the Dunfermline Building Society. It is available online.

Treasury Select Committee Report - "Banking Crisis: Regulation and Supervision"

The UK Government Treasury Committee released its final Report following its evidence sessions this year on the Banking Crisis. The Report considers how regulation and supervision have changed, and can be further improved, in order to return to and maintain more stable banking. The full text is available online.

Auditing Practices Board issues an Update to the Bulletin containing Illustrative Examples of Charity Auditor Reports

The APB has issued Bulletin 2009/3 which "updates the example auditor’s reports in Bulletin 2009/1 for the effect of the Companies Act 2006. This Bulletin relates to accounting periods commencing on, or after, 6 April 2008 and supplements the guidance contained in Practice Note 11: ‘The Audit of Charities in the UK’ by providing illustrative examples of auditor’s reports for charities that are registered: In England and Wales, In Scotland, and In both jurisdictions. "
The Bulletin is available to download from the APB website.

Independent newspaper article - "Windfall for Tories as firms eye £4bn contracts"

Article in today's Independent on donations to the Conservative Party which have been made by accountancy firms including PwC and KPMG.

New Treasury Select Committee inquiry requests evidence

The new Treasury Select Committee inquiry on "Women in the City" is looking for written evidence. The inquiry will take evidence on the role of women in the City, developing themes which have emerged in the course of its banking crisis inquiry relating to corporate governance.
The deadline for submitting written evidence is 12 noon on Thursday 10 September and further details can be found on its website.

FCAG publishes review of standard-setting activities following the global financial crisis

The Financial Crisis Advisory Group (FCAG) has published its review of standard-setting activities following the global financial crisis. The Group was formed at the request of the IASB and the US Financial Accounting Standards Board (FASB) to consider financial reporting issues arising from the crisis. The UK member of the Group is Stephen Haddrill, currently Director General of the Association of British Insurers (ABI) who will become the new Chief Executive the Financial Reporting Council (FRC) later this year. The report is available on the IASB and FASB websites.

FRC issues update on the review of The Combined Code

The Financial Reporting Council (FRC) has published a progress report on its review of the effectiveness of the Combined Code of Governance. The review began in March 2009 and the report summarises the results of the consultations and research that the FRC has carried out to date and invites views on various aspects of the Combined Code and its application. The full text of the report is available on the FRC website.