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

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

5d Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

2w Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

2w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor