ICAEW background paper on who does what in financial reporting
04 Apr 2019
The Institute of Chartered Accountants in England and Wales (ICAEW) has published 'Financial Reporting: Who Does What?' highlighting who does what in financial reporting and unpacking the complex relationships between boards, auditors, shareholders – their duties and responsibilities as well as the regulatory regime within which they operate.
The paper notes that good financial information underpins the capital markets but the institutional framework intended to promote confidence in corporate reporting can in fact compromise quality, because of piecemeal, reactive and ad hoc development over many decades. The press release notes:
The financial statements of listed companies have become more and more complex over the years. At the same time the system that underlies this complex financial reporting is characterised by internal inconsistency, duplication and omission. This makes the system less effective than it could be or should be. It is time everyone involved, from standard-setters, regulators to government, to recognise and address the challenges that have built up over decades.
Please click to access the following information on the ICAEW website:
