Experts to identify targets for FRRP

Experts to identify targets for FRRP

The Financial Reporting Review Panel has assembled a high-calibre group of professionals to help identify the companies it will target as part of its commitment to scrutinise a selection of annual accounts.

Link: One in seven accounts faces FRC scrutiny

Although the group will not be asked to provide the names of specific companies that should be looked into by the FRRP, it will instead offer its insight into where the panel should be focusing its attentions.

‘The idea behind the group is to provide a broader perspective on the areas of financial reporting and the types of company that are more exposed to risk,’ said Carol Page, FRRP secretary. ‘With these members, we have a wide base of experience that will be giving advice on the risks the panel should be focusing on.’

The group, chaired by FRRP chairman Bill Knight, includes industry heavyweights such as Richard Lambert, a member of the Bank of England’s monetary policy committee and former editor of the Financial Times (pictured), former Financial Services Authority managing director Michael Foot, and Richard Greenhalgh, former chairman of Unilever.

Its first meeting is scheduled for October, where members will be asked to provide comments on the initial thoughts of the FRRP and the FSA as to which areas should be targeted over the coming months.

They will also be questioned on what other areas they believe the panel should address. It is planned that the group will meet twice a year.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource