PracticeAuditFRC goes from talking to watch and listen

FRC goes from talking to watch and listen

Quarterly report shows watchdog will issue fewer consultation documents to focus more on monitoring the markets

The accountancy watchdog is to do less consulting and spend more time
listening to the reaction of the markets to the difficulties they face in
governance and financial reporting in the first part of 2009.

The statement came as the Financial Reporting Council issued its latest
quarterly report covering the last three months of 2008.

But Paul Boyle, chief executive of the FRC, said there would be a change of
tack.

During the last quarter we have focused our attention on ways in which we
could help market participants identify and plan for the reporting and
governance challenges arising from the current tough economic conditions. We
issued updates for boards, preparers, auditors and actuaries.

‘During the next quarter we will issue fewer documents for consultation and
will focus on monitoring the responses of market participants to the reporting
and governance challenges.’

Last quarter FRC publications included assistance for audit committees, an
update on going concern issues and an update on choice in the audit market plus
the Audit Inspection Unit went public for the time time with its conclusions on
specific firms.

The next quarter will see the outcome of a review of the profession’s
disciplinary body and work on actuaries.

For the full quarterly report click
here.

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