IFIAR publishes annual inspection findings survey

The International Forum of Independent Audit Regulators has published its annual inspection findings survey: see here (pdf). This year's survey was based on reports from 33 members and the review, in total, of 918 audits of public interest entities. The survey reports that 40% of the audits inspected had at least one "finding", i.e., a significant failure to satisfy the requirements of auditing standards.

Guernsey: company wound-up for failure to provide member with accounts

The Royal Court (Ordinary division) gave judgment towards the end of February in In the Matter of Canargo Ltd (Judgment 13/2018). A copy of the judgment is available here (but note that registration, free of charge, is required to access the judgment). The decision is of interest because it appears to be the first application before the Royal Court to place a company into liquidation on the ground of its failing to provide a member with a set of accounts as required by section 251 of the Companies (Guernsey) Law, 2008. The application was granted.

UK: women on FTSE100 boards

The Department for Business, Energy and Industrial Strategy has today - International Women's Day - published data on the proportion of women on FTSE100 boards: see here. The headlines include: there are 309 women on FTSE100 boards; a quarter of FTSE350 board positions are occupied by women; and FTSE100 companies are on track to have a third of board positions occupied by women by 2020.

UK: The future of money - a speech by the Governor of the Bank of England

Mark Carney, the Governor of the UK's central bank, the Bank of England, delivered a speech last week titled The Future of Money: see here (pdf). Within it he argued that the time had come to "...hold the crypto-asset ecosystem to the same standards as the rest of the financial system. Being part of the financial system brings enormous privileges, but with them great responsibilities".

Pakistan: SECP publishes draft Shariah Governance Regulations 2018

The Securities and Exchange Commission (SECP) has published draft Shariah Governance Regulations: see here (pdf). In the accompanying press release, the SECP describes them as being a "...comprehensive set of regulations for governance of Shariah-compliant companies and entities, Shariah-compliant securities and Islamic financial institutions under its jurisdiction. For the first time ever, a holistic Shariah governance framework has been introduced by the apex regulator of corporate sector and capital markets".