The Financial Reporting Council (FRC) has today published a report on its work in the quarter January - March 2009.
During the quarter, the FRC continued to focus on the impact of the current tougher economic conditions. In particular, the FRC:
- Announced a review of the effectiveness of the Combined Code on Corporate Governance and published a Call for Evidence inviting views on any aspect of the Code, including how the "comply or explain" mechanism could be improved.
- Announced the scope of the Audit Inspection Unit's work for 2009/10, which will have particular regard to audit areas where the economic downturn may have given rise to increased risks.
- Published an exposure draft of a standard on reporting actuarial information.
In addition, the FRC:
- Announced the outcome of the report of the Disciplinary Tribunal which upheld the complaints brought by the FRC's Accountancy and Actuarial Discipline Board in relation to the Emerging Business Trust.
- Announced its intention to update UK and Irish auditing standards for the new international standards (ISAs) on auditing for 2010.
- Issued a revision of the ISA (UK and Ireland) 700 'The Auditor's Report on financial statements.'
- Published an update on going concern for directors of companies which use the Financial Reporting Standard for Smaller Entities.
- Published a consultation paper and exposure draft of amendments of ethical standards for auditors.
- Published its actuarial quality framework.
In the April - June 2009 quarter, the FRC is planning to publish:
- Its finalised Plan for 2009/10, updated Regulatory Strategy and 2009/10 levies.
- The outcome of the review of the Accountancy and Actuarial Discipline Board's accountancy scheme.
- A discussion paper on principles and actions for making corporate reports less complex and more relevant.