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The Financial Reporting Review Panel (the Panel) today published amendments to its operating procedures for public consultation. The proposed amendments do not involve any change in substance to the manner in which the Panel will conduct its enquiries.
The Panel proposes two amendments designed to improve the effectiveness and efficiency of the FRC in its regulatory functions and to permit publicity in all cases where Panel intervention results in significant change to a company’s financial reporting.
The key amendments raised in the consultation paper:
- Allow for the Panel to share otherwise company-confidential information with the FRC’s Audit Inspection Unit (paragraph 49).
- Reserve a right for the Panel to make an announcement in all cases where a company makes a significant change to its corporate reporting following Panel intervention (paragraphs 51-53).
- Allow for the Panel to release its own announcement where the existence of a Panel enquiry has become public (paragraph 54).
There are also a number of drafting amendments and improvements.
The FRC Plan for 2011/12 published in April 2011 included a major project to work with Government to ensure that the FRC has the powers and structure necessary to carry out its responsibilities and consult on any changes. The changes on which the FRRP is now consulting will contribute to this wider initiative.
The Panel welcomes comments on the proposed procedures by 30 November 2011.
Source: Accountancy Magazine
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