Core Viewpoint - Effective November 5, 2025, FRMO will change its independent certifying accountant and auditor to CBIZ CPAs P.C., a PCAOB-registered firm [1] Group 1 - The new auditor, CBIZ CPAs P.C., is registered with the Public Company Accounting Oversight Board (PCAOB) [1] - This change in auditor is part of FRMO's ongoing commitment to maintain high standards of financial reporting and compliance [1] - The transition to CBIZ CPAs P.C. is expected to enhance the quality of FRMO's financial audits [1]

This story was originally published on CFO.com. To receive daily news and insights, subscribe to our free daily CFO.com newsletter. Many CFOs and their teams are diligently preparing to close the 2025 books while collaborating with cross-functional business partners to ensure a strong 2026 kick-off. Our calendars are jam-packed with professional extracurriculars like bank-sponsored economic updates, CPA “Big Beautiful Bill” sessions and other networking events. Hopefully, we are still prioritizing quality ...

Core Insights - The Institute of Singapore Chartered Accountants (ISCA) has released a strategy paper aimed at supporting the future development of small and medium-sized accounting practices (SMPs) in Singapore, addressing challenges such as competition, talent attraction, and technological adaptation [1][2] Group 1: Current Landscape of SMPs - There are 761 accounting entities in Singapore, with 98% classified as SMPs employing 100 or fewer people, and 70% of these being micro practices with ten or fewer staff members [2] - SMPs play a crucial role in Singapore's small and medium-sized enterprises (SMEs) ecosystem by providing essential accounting services [2] Group 2: Challenges Faced by SMPs - Increasing pressures on SMPs include operating independently, strong competition, difficulties in attracting qualified staff, and adapting to rapidly evolving technology [1][2] - Limited progression opportunities have been identified as a significant factor hindering recruitment efforts for many companies [3] Group 3: Recommendations from the Strategy Paper - The strategy paper recommends greater collaboration among companies, including resource sharing and adopting shared services models to address staff shortages and enhance operational efficiency [3] - A digital badge framework is suggested to help SMPs showcase their achievements and expertise, facilitating assessment by businesses and potential employees [4] - The paper advocates for piloting technology solutions within practices to streamline tasks, improve productivity, and attract the next generation of accountants [4] - Encouragement of international activity through participation in Professional Services Centres is recommended to facilitate entry into overseas markets and stimulate demand for Singapore-originating professional services [5] - Initiatives involving educational institutions and other partners are included to recruit graduates and create structured career pathways in the sector [5] Group 4: Importance of SMPs - The SMP sector is described as a vital pillar of Singapore's business ecosystem, with a focus on helping these firms transition from survival to strength through scale, collaboration, and a shared vision for the future [6]

Core Points - The Financial Reporting Council (FRC) has initiated a formal inquiry into Ernst & Young (EY) regarding compliance with UK audit partner rotation requirements during the audit of Shell's financial statements for the year ending December 31, 2024 [1][3] - The investigation will evaluate adherence to regulations concerning the duration of service for lead audit partners, as Shell reported issues with compliance to the London Stock Exchange in July 2025 [1][2] - EY has acknowledged that the time limits for partner rotation, as per the FRC's Revised Ethical Standard, were exceeded, leading Shell to amend its annual reports for 2023 and 2024, although the underlying financial statements will remain unchanged [2][4] Group 1 - The FRC's inquiry was confirmed during a Conduct Committee meeting on October 21, 2025, and will be conducted in accordance with the Audit Enforcement Procedure [3] - EY communicated to Shell that the US audit opinions for 2023 and 2024 should not be relied upon, prompting a reassignment of responsibilities and the reissuance of these audit opinions [3] - EY reported the exceeded time limitations to the FRC, indicating a proactive approach to compliance issues [4]

EY is already the subject of six active investigations by the Financial Reporting Council - Deborah MacDonald/Alamy EY is facing fresh regulatory scrutiny after the Financial Reporting Council (FRC) launched an investigation into its audit of Shell’s accounts. The Big Four firm is now the subject of six active investigations by the FRC, including scrutiny of its work for the Post Office, collapsed online furniture retailer Made.com and NMC Health, the former FTSE 100 hospital operator. EY has already p ...

Core Points - HB&O has appointed Mathew Neal as the head of accounts in Coventry, part of a broader personnel restructuring across departments [1][6] - The Coventry office, located in Severn Stars House, employs 15 professionals, contributing to a total workforce of 100 across all HB&O locations [2] - Several promotions have been announced within the audit and accounts team, including Jack Dunne advancing to senior manager and Tim Smith becoming accounts senior after achieving ACA status [2][3] Promotions and Personnel Changes - Seven members of the audit and accounts team have received promotions, highlighting the firm's commitment to internal growth [2] - Other departments, including the virtual finance office and tax team, have also seen staff advancements, with Matt King and Chris Sudbury being promoted to senior roles [4] - The promotions are seen as recognition of the employees' contributions and alignment with the company's core values [6] Company Growth and Strategy - HB&O's managing director, Mark Ashfield, emphasized the importance of having a strong team to drive the company's ambitious growth plans in Coventry, Warwickshire, Birmingham, and the wider West Midlands [5] - The ongoing personnel changes are part of a strategy to support the company's growth and enhance client service [5][6]

Core Insights - The Institute of Chartered Accountants of India (ICAI) has approved amendments to the code of ethics to enhance international connectivity for Indian chartered accountant firms [1][2] - The ICAI (Global Networking) Guidelines, 2025 have been established to facilitate associations between Indian CA firms and international entities [2][3] Group 1: International Collaboration - The new guidelines allow Indian CA firms and networks to form associations with international entities, promoting opportunities outside India [2] - The aim is to provide small and medium-sized Indian CA firms access to international knowledge, technology, and expertise for cross-border collaborations [2] Group 2: Code of Ethics Revisions - A revised 13th Edition of the Code of Ethics will be effective from 1 April 2026, introducing changes in advertising and website usage for firms [3][4] - The updated rules allow more flexibility in advertising content and enable chartered accountants to showcase their services more effectively [3] Group 3: Compliance and Sustainability - New regulations on responding to non-compliance with laws and regulations (NOCLAR) during audits now apply to all listed entities and their subsidiaries, increasing auditor responsibility [5] - Ethical standards for sustainability assurance have been added, based on IESBA guidance, covering sustainability-related independence requirements [5] Group 4: Expanded Services - The list of Management Consultancy and Other Services (MCS) that CAs can provide has been broadened to include areas such as social impact assessment, AI-related consulting, and forensic accounting [6] - ICAI has recommended that members and their firms accept audit fees exclusively through digital payments or banking channels [6]

Core Insights - Johnston Carmichael has appointed Chris Forgan as a new tax director to enhance its tax advisory team and support growth in Scotland and beyond [1][5] - Forgan brings over a decade of experience in tax compliance and advisory, having previously worked at a Big Four accounting firm and rejoining Johnston Carmichael after serving as a tax manager [2][5] - The firm aims to provide high-quality, partner-led tax advice and Forgan will oversee tax compliance and advisory work, focusing primarily on large corporate entities [3][4] Company Strategy - The appointment of Forgan is part of Johnston Carmichael's strategy to attract and retain talented individuals who align with the company's values, contributing to its growth [5] - The firm has recently expanded its corporate tax function, adding eight new staff members during the year [5] Role and Responsibilities - Forgan will collaborate with the international tax director to develop and support corporate clients, covering areas such as corporate interest restriction, debt and loan structuring, international taxation, and tax reporting [4] - He will also provide guidance to owner-managed businesses, ensuring practical advice that aligns with commercial realities [4]

Core Viewpoint - The UK Financial Reporting Council (FRC) has initiated an investigation into Ernst & Young LLP's audit of Shell plc's financial statements for potential breaches of audit partner rotation requirements [1][2][3] Group 1: Investigation Details - The investigation was prompted by a disclosure from Shell on July 2, 2025, indicating that EY had found non-compliance with audit partner rotation rules, specifically exceeding the maximum tenure for key audit partners [2] - The FRC's Conduct Committee made the decision to open the investigation during a meeting on October 21, 2025, and it will be managed by the FRC's Enforcement Division [3] - The investigation is focused solely on the statutory auditor or audit firm and does not involve Shell or other parties, with no implication of wrongdoing at this stage [4] Group 2: Regulatory Context - Audit partner rotation rules are intended to ensure auditor independence by limiting the duration senior audit partners can work on the same engagement, particularly for large public interest entities like FTSE-listed companies [5] - The investigation reflects increased regulatory scrutiny of the UK audit market, with the FRC intensifying enforcement actions due to concerns over audit quality and governance failures [6] - This case highlights the growing governance and compliance expectations for oil and gas companies, as they navigate investor scrutiny and complex reporting obligations [7]

Group 1 - The Financial Reporting Council of Britain has initiated an investigation into Ernst & Young's audit of Shell's 2024 financial statements [1]