Transparency at the Financial Reporting Review Panel is to be revamped in a move that could open up the normally secret workings of the body to greater scrutiny.

Following a consultation and approval by the government, the FRC panel will from next month copy the finance director in on its first letter to the company chairman, send a copy of the closing letter to the company's auditor, allow independent audit of the panel's processes and publish the details of some cases where it helps with the harmonisation of international accounting requirements.

Historically, the FRRP has only made any details of it investigations into company accounts public when the matter has been closed and only if there had been some dispute with the company or it had initially failed to take action over the panel's findings.

Most of the panel's work will still remain confidential, which it maintains is essential to ensure co-operation from the companies whose accounts it is reviewing.

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