PracticeAuditFRRP warns of more investigations

FRRP warns of more investigations

The Financial Reporting Review Panel has been making bellicose noises about how it intends to use its new proactive mandate.

Link: Three UK plcs face accounts probes

Ian Brindle, deputy chairman of the financial regulator, told the FT that companies could expect more investigations into possible accounting abuses.

‘We will be asking more questions to make sure that the accounts are complying with the rules of the game,’ he said.

Until recently the FRRP acted only in response to complaints or media stories. But in September ministers changed its mandate to allow it to look proactively for book-cooking.

One problem for the body is manpower. One full and two part-time accountants can only do so much. But Brindle predicted an influx of additional members and advisers would soon ease the burden. Numbers are expected to reach 10 or over, and the panel will be using forensic software to boost scrutiny.

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