The government’s Co-ordinating Group on Audit and Accounting Issues, set up under the umbrella of companies watchdog, the Financial Reporting Council, is now expected to develop a ‘proactive element to its work’ and come up with ‘specific proposals’ by year-end.
A panel has been established by FRC chairman Sir Bryan Nicholson to undertake this task, It is to be chaired by Ian Brindle, deputy chairman of the FRC, and a former PwC chairman. Other representatives include Martin Eadon, a partner at Deloitte & Touche, Andrew Popham, partner at PwC and George Rose, finance director at BAE Systems.
The group must come up with proposals for deciding the best way of sampling accounts for review, the manner in which reviews should be carried out and the type of follow-up action that should be taken.
In addition the group is also expected to carry out some reviews of company financial statements to demonstrate how to apply these recommendations.
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