FRC Revised Operating Procedures for Public Comment

Financial Reporting Review Panel Publishes Revised Operating Procedures for Public Comment

The Financial Reporting Review Panel (‘the Panel’) today published a draft set of Operating Procedures (‘Procedures’) for public consultation.

The Procedures are published to inform preparers and users of accounts of the process that the Panel will follow in handling cases. There is no change in substance to the detailed operating procedures that the Panel intends applying to its consideration of accounts but these are now extended to include its wider remit. The Panel will continue to operate, as far as possible, by consensus with those whose reports it monitors and hopes that it may continue to rely on their voluntary co-operation.

The Procedures were last amended in October 2003 to allow the Panel to review annual accounts proactively. The draft Procedures published today are revised to reflect the new powers and responsibilities given to the Panel under provisions of the Companies (Audit, Investigations and Community Enterprise) Act 2004 which are to take effect from 6 April 2005

See full Press Release and the full Operating Procedures.