FRRP Publishes Revised Operating Procedures

The Financial Reporting Review Panel (FRRP) has published revised operating procedures which incorporate changes on sharing information with the Audit Inspection Unit (AIU) and on the circumstances in which the panel may make an announcement about a company’s report and accounts under review.

Following public consultation and approval by the Department for Business (BIS), the key changes, as proposed are to:

- enable the FRRP to share voluntary information received with the AIU

- reserve the right of the FRRP to make an announcement where, following its intervention, a company makes a significant change, whether clarifying or correcting, its financial or corporate reporting

- enable the FRRP to release its own press announcement if the fact of an enquiry has become public other than as a result of a FRRP press notice.