FRC proposes to disclose lists of companies whose reports and accounts have been reviewed
The Financial Reporting Council has published a consultation proposing changes to the operating procedures of its conduct committee. The aim is to provide more transparency about the reviews by the committee's corporate reporting review ("CRR") team and to streamline CRR procedures.
In particular, the FRC proposes to start publishing lists of companies whose accounts and reports have been the subject of a CRR review and where the cases have been closed. This will commence in 2017 in respect of 2015 reports and accounts.
The consultation paper also notes that the FRC has started to write to companies to advise them when it has completed a review of their reports and accounts without identifying any substantive matters. This is to enable audit committees to comment on the CRR review, as recommended by the FRC Guidance on Audit Committees, before the FRC identifies them.
The consultation closes on 4 January 2017.
The consultation paper and the draft amended procedures are available here.