UK: going concern assessment enquiry launched by Financial Reporting Council

The Financial Reporting Council has today announced the start of an enquiry into going concern assessments: see here. The purpose of the enquiry is set out in the FRC's press release as follows:

... to identify lessons for companies and auditors addressing going concern and liquidity risks. The Inquiry will draw on the experience of companies and auditors who have had to address these issues in times of difficulty, including during the credit crisis. The Panel of Inquiry will recommend measures, if any, which are necessary to improve the existing reporting regime and related guidance for companies and auditors in relation to these matters".