The Financial Reporting Review Panel, the company reporting watchdog, said
there was no evidence of ‘systemic weakness’ in company reporting in the UK, as
it released its activity report for the year to 31 March, 2006.
The panel, an arm of the Financial Reporting Council, reviewed 284 accounts
over the year and 49 companies undertook to reflect the Panel’s comments in
The most high-profile companies that made changes to their accounts after the
intervention of the FRRP included music company Sanctuary Group and paper maker
FRRP chairman Bill Knight said the activity report showed that the ‘best
regulation is by agreement’.
‘The Panel relies on the willingness of directors to discuss their accounts
with us openly so we can understand the basis for their decisions,’ said Knight.
‘We are pleased that our consensual approach to enforcement continues to attract
the support of the companies whose accounts we regulate.’
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HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live