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November 17, 2017

FRC plans to boost best practice in corporate reporting

By Federica Tedeschi

The Financial Reporting Council (FRC) has planned to supplement its routine monitoring programme through targeted reviews of corporate reports and audits over the next two years.

Forty selected smaller listed and AIM quoted companies will be informed by FRC before the end of the year about its plan to review two specific aspects of their next published reports and accounts, to be drawn from five areas that have recently featured in FRC thematic reviews or Financial Reporting Lab reports.

Priority sectors and areas of focus for review in 2018/19 will be financial services, with particular emphasis on banks, other lenders and insurers, oil & gas and general retailers as well as business support services.

The completion of the review of The Auditors Work on the Front Half of the Annual Report is also part of the thematic inspection programme and will enable further assessment of the impact of recent relevant changes to auditing standards.

The work of the group auditor will continue to be a mandatory area of review after 2018/19, with a focus on the additional requirements with respect to the work of component auditors.

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