FRC to publish names of companies whose reports and accounts it has reviewed
The Financial Reporting Council’s Conduct Committee has published a revised set of its operating procedures for reviewing company reports. The main change is to permit the Conduct Committee to publish the names of those companies whose reports and accounts it has reviewed, once the cases are closed. Where a premium listed company’s report has been the subject of review, the company’s audit committee is expected to report on the nature and extent of interaction (if any) with the FRC’s corporate reporting review team. This is consistent with the FRC Guidance on Audit Committees.
The changes took effect on 1 April 2017 and are in substantially the same form as the consultation draft published in October 2016.The FRC’s press release and a link to the revised operating procedures and updated frequently asked questions can be found here.