FRRP is optimistic that new approach will encourage directors to comply with the law
Directors of more than 50 large private companies which filed qualified accounts are to receive a warning from the Financial Reporting Review Panel to clean up their act.
They will be advised that if they continue to produce accounts below agreed standards under the Companies Act again that the panel will review their accounts.
‘We are giving directors of companies with qualified accounts an opportunity to put matters right. We are writing to some of the companies concerned, but our warning applies to all of them and, in future, we will not hesitate to take appropriate action where such qualified accounts come to our attention, whether or not we have previously written to the company concerned,’ said FRRP chairman, Bill Knight.
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