PracticeAuditFRRP proposes to take legal advice during reviews

FRRP proposes to take legal advice during reviews

Changes will also permit a deputy chairman or another member of an FRRP group, tasked with a review, to chair the process in the event of a conflict of interest

The regulator’s reporting review panel has made changes to its procedures to
allow it to take legal advice during its assessments.

The changes to the review process of the Financial Reporting and Review Panel
allow groups assessing company reports to consult with legal experts and hold
discussions with the chairman of the Financial Reporting Council, before writing
a final letter to the Chairman of a company indicating its intention to apply to
court. This relates to instances in which a company under review is not able to
reach an agreement with the FRRP.

Other changes permit a deputy chairman or another member of an FRRP group,
tasked with a review, to chair the process in the event of a conflict of
interest.

The Panel also proposes to send letters of case closure to auditors and share
cases with other regulatory groups with whom it has data-share agreements.

The FRRP expects comments on the issue by 24 April.

Read the FRRP’s amendments
here

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