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Deloitte comment letter on on the FRC Discussion Paper on the role of auditors and preliminary announcements

Published on: 23 Jun 2017

We have responded to the Financial Reporting Council (FRC) Discussion Paper on the role of auditors and preliminary announcements that was published in April 2017.

We welcome the FRC’s decision to revisit and consult on Bulletin 2008/2 (the Bulletin) in respect of preliminary announcements.

Our main points in responding to this Discussion Paper are:

  • It is both necessary and timely to update the Bulletin in respect of preliminary announcements.
  • No major change is needed to the responsibilities of companies or auditors in respect of preliminary announcements.
  • Companies should continue to be able to publish a preliminary announcement when the audit is at an “advanced stage” but not yet complete, subject to their auditor’s agreement.
  • There is value to investors in receiving an auditor’s report on key audit matters with the preliminary announcement and we encourage the FRC to explore that option further with companies and investors.

Please click to access the full comment letter below.

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