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UK FRRP INVITES COMMENTS ON REVISED OPERATING PROCEDURES |
| Source: | FRRP | | Country: | UK | | Date: | 28/02/2008 | | Contributor: | Andy Lymer | | Web: | http://www.frc.org.uk/frrp |
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The UK's Financial Reporting Review Panel (‘the Panel’) has published amendments to its Operating Procedures (‘Procedures’) for public consultation.
There is no change in substance to the manner in which the Panel will conduct its enquiries. The proposed amendments are designed to maintain public confidence in the work of the Panel as an independent regulator, either by clarifying existing practices or introducing new measures that lend additional transparency.
The main amendments:
- set out the way in which the Panel manages conflicts of interests when appointing Panel Groups (paragraph 25);
- provide that the Panel will copy its first letter to a company Chairman to the Finance Director, where practicable (paragraph 16);
- confirm the terms on which the Panel receives information (paragraph 47);
permit disclosure of information for the purposes of audit (paragraph 59);
- clarify that a Panel Group will take legal advice and discuss the matter with the Chairman of the Financial Reporting Council before writing a final letter to the Chairman of a company indicating its intention to apply to court (paragraph 36);
allow the Panel to copy the letter to a company closing a case to the senior partner or Chairman of the company’s auditors (paragraph 34); and
- allow, in certain circumstances, for the substance of cases to be published (paragraph 67).
There are also numerous drafting amendments consequential on the appointment of a second deputy Chairman to the Panel.
The Procedures support the Panel’s objective of working with companies on a consensual basis. The Procedures are also informed by the Panel’s commitment to the principles of good regulation which include accountability and transparency.
Most of the Panel’s work is conducted in confidence and the Panel has decided that it will, periodically, submit its activities to independent audit to provide assurance that its Operating Procedures are being complied with.
The Panel welcomes comments on the Proposed Procedures by 24 April 2008. They should be addressed to:
Carol Page
Director, Panel Operations
Financial Reporting Review Panel
5th Floor, Aldwych House
71-91 Aldwych
London WC2B 4HN
Email: c.page@frc-frrp.org.uk |
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