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Deloitte’s responses to recent policy and regulatory consultations

Deloitte regularly responds to consultations on matters which affect our business and the wider marketplace.

Auditor regulatory sanctions

Deloitte’s response to the FRC’s consultation on the Auditor Regulatory Sanctions Procedure (Procedure)   Deloitte’s response to the FRC’s consultation on the Auditor Regulatory Sanctions Procedure (Procedure)
The Financial Reporting Council (FRC) consulted on its proposed auditor regulatory sanctions procedure.
     
Deloitte’s response to the FRC’s consultation on sanctions guidance   Deloitte’s response to the FRC’s consultation on sanctions guidance
Following its consultation on the proposed auditor regulatory sanctions procedure, the FRC published a second consultation paper on sanctions guidance.

Corporate governance

Deloitte’s response to the FRC’s Consultation on Draft Guidance: Risk Management, Internal Control and the Going Concern Basis of Accounting   Deloitte’s response to the FRC’s Consultation on Draft Guidance: Risk Management, Internal Control and the Going Concern Basis of Accounting
The Financial Reporting Council (FRC) consulted on proposed changes relating to risk management, internal control and going concern. The changes would impact the UK Corporate Governance Code, guidance for boards of listed companies and auditing standards. Supplementary guidance for directors of all banks was also published for consultation.
     
Deloitte’s response to BIS’ Transparency and Trust discussion paper   Deloitte’s response to BIS’ Transparency and Trust discussion paper
The Department of Business, Innovation and Skills’ (BIS) paper outlines a range of proposals to enhance the transparency of UK company ownership and increase trust in UK business.
     
  Deloitte’s response to APB’s proposed revisions to ISAs
The Auditing Practices Board (APB) of the Financial Reporting Council (FRC) consulted on its proposed revisions to International Standards on Auditing (ISAs), to implement the recommendations in the FRC feedback paper ‘Effective Company Stewardship – Next Steps’ from September 2011.
    

Corporate reporting

DTTL’s response to the IASB’s discussion paper ‘A Review of the Conceptual Framework for Financial Reporting’   DTTL’s response to the IASB’s discussion paper ‘A Review of the Conceptual Framework for Financial Reporting’
The IASB’s Discussion Paper is designed to obtain initial views and comments on important issues that the IASB will consider as it develops an Exposure Draft of a revised Conceptual Framework.
     
Deloitte’s response to ICAS’ ‘Balanced and Reasonable’ discussion paper   Deloitte’s response to ICAS’ ‘Balanced and Reasonable’ discussion paper
ICAS’ paper explored the issues involved in considering how auditors can provide a positive opinion as to whether management’s commentary is ‘balanced and reasonable' - and a means by which it could be achieved.
     
DTTL’s response to the IAASB’s exposure draft ‘Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing’   DTTL’s response to the IAASB’s exposure draft ‘Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing’
The IAASB issued an exposure draft about its proposals to enhance auditor reporting globally.
     
Deloitte’s response to the FRC’s Exposure Draft: ‘Guidance on the Strategic Report'   Deloitte’s response to the FRC’s Exposure Draft: ‘Guidance on the Strategic Report’
BIS asked the FRC to prepare non-mandatory guidance supporting the strategic report requirements in the recently issued Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013.
     
Deloitte’s response to BIS’ call for evidence   Deloitte’s response to BIS’ call for evidence on the European Commission’s proposals to reform non-financial reporting
BIS issued an informal call for evidence on the Commission’s proposals to reform non-financial reporting in October 2013.
     
DTTL’s response to the IIRC on its Consultation Draft of the International Integrated Reporting Framework   DTTL’s response to the IIRC on its Consultation Draft of the International Integrated Reporting Framework
The International Integrated Reporting Council (IIRC) believes that communication about businesses’ value creation should be the next step in the evolution of corporate reporting. It has consulted on a framework for integrated reporting ahead of its planned publication in December 2013.
     
Deloitte’s response to the FRC’s consultation on revisions to ISA (UK and Ireland) 700   Deloitte’s response to the FRC’s consultation on revisions to ISA (UK and Ireland) 700
The FRC issued a consultation paper ‘Revision to ISA (UK and Ireland) 700’ to respond to criticism that auditors’ reports are uninformative.
     
Deloitte's response to BIS' future of narrative reporting consultation’   Deloitte's response to BIS' future of narrative reporting consultation
The consultation sought views on Government plans to make narrative reporting simpler, clearer and more focussed. Deloitte continues to support the proposal to introduce a strategic report that would encourage preparers to focus on what is really important. This would play a vital role in enhancing transparency, investor communication and overall confidence in a company.
     

Financial Services

Deloitte’s response to the FSB’s consultation on Principles for an Effective Risk Appetite Framework   Deloitte’s response to the FSB’s consultation on Principles for an Effective Risk Appetite Framework
The Financial Stability Board (FSB) consulted on its draft Principles for an Effective Risk Appetite Framework in July 2013, noting that defining, measuring, monitoring, and articulating a clearly defined risk appetite for firms is critical to guiding their strategic decisions.
     
DTTL’s response to the Basel Committee on Banking Supervision’s consultation on external audit of banks   DTTL’s response to the Basel Committee on Banking Supervision’s consultation on external audit of banks
The Committee aims to enhance and supersede the existing guidance published in 2002 on the relationship between banking supervisors and banks' external auditors, and in 2008 on external audit quality and banking supervision.

Going concern

Deloitte’s response to the FRC’s Consultation on Draft Guidance: Risk Management, Internal Control and the Going Concern Basis of Accounting   Deloitte’s response to the FRC’s Consultation on Draft Guidance: Risk Management, Internal Control and the Going Concern Basis of Accounting
The Financial Reporting Council (FRC) consulted on proposed changes relating to risk management, internal control and going concern. The changes would impact the UK Corporate Governance Code, guidance for boards of listed companies and auditing standards. Supplementary guidance for directors of all banks was also published for consultation.
     
Deloitte’s response to the FRC’s consultation on implementing the Sharman Panel’s recommendations   Deloitte’s response to the FRC’s consultation on implementing the Sharman Panel’s recommendations
The FRC consulted on implementing the recommendations of the Sharman Panel (revised guidance on going concern and revised International Standards on Auditing (UK and Ireland)).

Internal audit

  Deloitte’s response to APB’s proposed revisions to ISAs (UK and Ireland) 315 and 610
The Auditing Practices Board (APB) of the Financial Reporting Council (FRC) consulted on its proposed revisions to International Standards on Auditing (ISAs) (UK and Ireland) 315 (Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment) and 610 (Using the Work of Internal Auditors.
     
Deloitte’s response to the Chartered Institute of Internal Auditors (IIA) consultation on effective internal audit in the financial services sector   Deloitte’s response to the Chartered Institute of Internal Auditors (IIA) consultation on effective internal audit in the financial services sector
Recognising the importance of effective internal audit in financial services, an IIA committee was established to create new guidance for the UK financial sector.
     
Deloitte’s response to the FRC’s consultation on proposed revisions to ISA (UK and Ireland) 610   Deloitte’s response to the FRC’s consultation on proposed revisions to ISA (UK and Ireland) 610
The Financial Reporting Council (FRC) recently confirmed it would adopt the proposed international improvements to the auditing standards re. external auditor use of the work of internal audit; but consulted first on the timing of implementation.
     
    

The Financial Reporting Council (FRC)

Deloitte’s response to the Financial Reporting Council’s (FRC) Draft Plan and Budget and Levy Proposals 2014/15   Deloitte’s response to the FRC's consultation on its draft plan and budget and levy proposals 2014/15
Deloitte responded to The Financial Reporting Council’s (FRC) annual consultation on its strategic priorities and funding. Among other matters, the draft plan explains how the FRC is preparing for a number of additional activities that it is expected to be required to undertake as a result of changes in European and UK law and Competition Commission proposals for enhanced audit inspections.
     
Deloitte's response to the FRC's consultation on its draft plan and budget 2013/14   Deloitte's response to the FRC's consultation on its draft plan and budget 2013/14
The Financial Reporting Council (FRC) issued its draft plan and budget for 2013/2014 in January 2013; consulting on its strategic priorities and funding to pursue its mission of promoting high quality corporate governance and reporting to foster investment.
    

 

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