Latest news with #MFR
Korea Herald
2 days ago
- Business
- Korea Herald
Hanwha Systems wins W54.7b contract to develop radar for next-gen missile defense system
Hanwha Systems Co. said Tuesday it has been selected as the developer of a multifunction radar prototype for South Korea's next-generation long-range surface-to-air missile defense system. The company said it has won a 54.7 billion-won ($40 million) contract from the state-run Agency for Defense Development to develop a MFR prototype as part of the second phase of the L-SAM system upgrade. A MFR is responsible for real-time detection, tracking of multiple incoming targets and missile guidance. The prototype will be equipped with high-precision functionalities to extend the detection and tracking range for ballistic missile threats, surpassing those of the current L-SAM system. Hanwha Systems previously developed and supplied MFRs for the Cheongung and Cheongung-II systems. It is also the radar systems provider for the next-generation Korean destroyer KDDX and the homegrown KF-21 fighter jet. "We are committed to developing world-class, high-performance radar solutions to help the Korean military respond effectively to evolving aerial threats," said Park Hyuk, head of Hanwha Systems' defense electronics division. (Yonhap)
Yahoo
16-04-2025
- Business
- Yahoo
FRC fines EY and audit partner for breaching audit rotation rules
UK's Financial Reporting Council (FRC) has sanctioned EY and its audit partner Christopher Voogd for breaches in the statutory audit of Stirling Water Seafield Finance (SWSF) for the year ended 31 December 2019. EY exceeded the ten-year limit for auditing a Public Interest Entity (PIE) without a public tender, breaching company law and the FRC's Revised Ethical Standard 2016, known as Mandatory Firm Rotation (MFR) requirements. Both EY and Voogd failed to follow proper procedures for continuing the audit engagement, contravening International Standards for Auditing (ISAs), the regulator said. EY has been fined £325,000 ($430,116.07), reduced from £500,000 for admitting to the breaches early in the proceedings. The company has also agreed to non-financial penalties including a severe reprimand and a root-cause analysis report, notes the FRC. Voogd has been fined £32,500, reduced from £50,000, and also received a non-financial sanction. FRC deputy executive counsel Jamie Symington said: 'Mandatory firm rotation is a clear requirement for auditors underpinned by company law and the FRC's Revised Ethical Standard. It is an integral legal safeguard to provide assurance that auditors are demonstrably independent which supports trust and confidence in UK corporate reporting and audit. 'In this case, there were significant failings in relation to mandatory firm rotation requirements at both the engagement and firm level during the continuance stage, which led to EY carrying out audit work despite being ineligible. It highlights the importance of the firm having adequate quality control standards under ISQC 1, as now succeeded by ISQM 1.' EY's internal policies were found inadequate in ensuring the firm's independence and compliance with engagement duration conditions. The firm has taken steps to prevent future breaches and will work with the FRC to implement further necessary actions. This incident follows a recent fine imposed on EY by the FRC for audit failures related to the collapsed travel company Thomas Cook for the financial years ending in 2017 and 2018. "FRC fines EY and audit partner for breaching audit rotation rules" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
24-03-2025
- Business
- Yahoo
No job losses after radio station office closures
There will be no job losses after the closure of the offices of two Scottish radio stations, according to owners Bauer Media. Northsound's Aberdeen office and the Inverness base of MFR are set to shut later this year. It comes after each station's local breakfast show was dropped - which was the last of the local programming from each site. Bauer Media said teams would do a mixture of remote working and shifts from a production centre in Glasgow. More stories from North East Scotland, Orkney and Shetland Listen to news from North East Scotland on BBC Sounds MFR, Northsound 1 and Tay FM's morning shows were replaced by Edinburgh-based Boogie in the Morning in January. Local teams in Aberdeen and Inverness still provide local news bulletins and sport coverage. Northsound and MFR have both been broadcasting since the early 1980s. MFR, Tay FM and Northsound breakfast shows to end
BBC News
24-03-2025
- Business
- BBC News
No job losses after Northsound and MFR radio office closures
There will be no job losses after the closure of the offices of two Scottish radio stations, according to owners Bauer Aberdeen office and the Inverness base of MFR are set to shut later this year. It comes after each station's local breakfast show was dropped - which was the last of the local programming from each site. Bauer Media said teams would do a mixture of remote working and shifts from a production centre in Glasgow. MFR, Northsound 1 and Tay FM's morning shows were replaced by Edinburgh-based Boogie in the Morning in teams in Aberdeen and Inverness still provide local news bulletins and sport coverage. Northsound and MFR have both been broadcasting since the early 1980s.
