Link: OFR delay confirmed
The trade department which has already delayed by three months implementation of the OFR – a mandatory, forward-looking narrative report to be included in annual reports, is expected to announce that it has erased the term ‘due and careful inquiry’.
Auditors and business groups have been lobbying the DTI to remove the phrase because it would make the document a ‘quasi-legal’ review, The Financial Times has reported.
Industry observers say the inclusion of the phrase could discourage company directors from including meaningful information for fear of being held liable if the company wasn’t successful in achieving its stated aims.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned