PracticeAuditNo going concerns against UK PLC

No going concerns against UK PLC

Going concerns in 2010/2011 interim reports fell to zero from 6% the previous year, according to a survey by Deloitte

NO LISTED companies had going concerns issued against them in 2010/2011, compared to 6% the previous year.

Isobel Sharp, audit partner at Deloitte, says the results are broadly positive, noting going concerns have dropped to zero while disclosure at the 130 listed companies is improving.

Sharp was unsurprised at the fall in going concerns, saying interim reports in 2008/2009 reflected a “stack of big uncertainties” facing the business community and the financing world.

The Financial Reporting Council is launching an inquiry into going concerns and, in a climate of fewer auditor warnings on interim reports, experts may question its timing and significance.

Deloitte’s Six of One: Surveying half-yearly financial reporting shows corporates are increasingly providing information on the state of their finances.

In total, 67% of companies included a formal review from their auditors – up from 66% in 2009 – while 23% of investment trusts did so, an increase from the 20% seen in 2009.

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