PracticeAuditWatchdog targets accounts of five risky industries

Watchdog targets accounts of five risky industries

The UK's accountancy watchdog will focus its attention on the accounts of companies in five key industries over the next year, selected due to their risk factor.

Link: FRC chief highlights ‘critical year’

The Financial Reporting Review Panel, part of the Financial Reporting Council, has said it will be monitoring activity in the automobile, pharmaceutical, retail, transport and utilities sectors during 2005.

These sectors were chosen following a risk-based assessment and discussions with the Financial Services Authority, according to the FRRP. It will look at a wide range of companies in these sectors, including large private companies, but will mainly focus on the larger listed companies.

It added that it will be paying particular attention to interim reports, with a view to identifying those companies whose full-year accounts will be significantly affected by the introduction of IFRS.

‘As we build up proactivity the panel wants to be transparent about its work programme,’ said FRRP chairman Bill Knight. ‘Our objective is to improve accounts, not catch people out.’

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