Hallow be thy FRRP!
As you well know, TS has always been a sucker for a scandal, which is why the Financial Reporting Review Panel has always been the regulator of choice.
TS was nevertheless taken aback this week when the Panel was described with biblical references by Deloitte audit partner Isobel Sharpe.
Sure, the FRRP does like a bit of fire and brimstone from time to time, but TS was still a bit shocked by the comparison. Sharpe said the work of the Panel was biblical because there were ‘fertile periods’ and ‘fallow periods’.
That said, it seems as though the FRRP is slap-bang in the middle of the seven years of plenty, having cracked down on three companies in less than two months.
FDs be warned, the wrath and vengeance of the Panel could well be cast upon you!