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FRC acts to increase transparency in corporate reporting

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01 Sep 2011

Further to our earlier story, the UK's Financial Reporting Council (FRC) has held discussions over the last six months with companies, investors, auditors and other interested parties following the release of its discussion paper, Effective Company Stewardship: Enhancing Corporate Reporting and Audit, in January 2011. The FRC has recently issued two additional reports following these discussions.

The first, Boards and Risk: A Summary of Discussions with Companies, Investors and Advisers, summarises these discussions held over the last six months. The second, Effective Company Stewardship: Next Steps, outlines the responses received by the FRC to its original discussion paper and summarises the future actions that the FRC intends to take. In these reports, the FRC notes that there is one common issue to be addressed: "audit is not meeting user and/or public expectations and . . . there is a need for greater transparency about the judgements made by management and auditors in the course of preparing and auditing financial statements".

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