RegulationAccounting StandardsFRRP announces new priority inspections

FRRP announces new priority inspections

Retail and utilities top of the hit list for financial reporting council

The Financial Reporting Review
Panel
will next year monitor retail, utility, telecommunications, media, and
travel and leisure sectors.

The panel prioritises sectors following a risk-based assessment and
discussion with the Financial Services
Authority
and the Panel’s Standing Advisory Group, an
independent committee which comments on the Panel’s proposals.

The panel has retained the retail and utility sectors as focus areas.

Transport, pharmaceuticals and automobile have been dropped as areas of
focus.
The selection of accounts for review will be drawn from the full range of
companies
within the Panel’s remit, which includes large private companies.

The panel will continue to monitor compliance with IFRS as companies make
further changes and improvements to their accounting as the new standards become
more familiar.

Bill Knight, chairman of the panel
said: ‘The panel will continue to announce the priority sectors so that
companies in those sectors are aware that their accounts are more likely to be
reviewed.’

Further reading:

Reporting watchdog probes 284 companies

Sanctuary co-founder leaves group

An American invasion

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