The Financial Reporting Review Panel (‘the Panel’) today published a memorandum of understanding with the Financial Services Authority under which the Panel will co-operate closely with the Financial Services Authority in enquiries into listed companies.
The Panel is also finalizing a memorandum of understanding with the Inland Revenue under which the Inland Revenue may disclose information to the Panel regarding companies’ accounts.
These steps coincide with the grant to the Panel of additional powers under the Companies (Audit, Investigations and Community Enterprise) Act 2004. From 6th April 2005 the Panel will have statutory power to require companies, directors and auditors to provide documents, information and explanations if it appears to the Panel that there is, or may be, a question whether accounts comply with relevant reporting requirements.
See full Press Release.
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