Friday 28 November 2008

UK: FRC publishes guidance for audit committees - key questions

The Financial Reporting Council has published a document titled "Challenges for audit committees arising from current economic conditions". In the document's introduction, it is stated:

Current economic conditions provide particular challenges to all involved with annual reports and accounts. The purpose of this document is to assist audit committees by identifying key questions that that they may need to consider when preparing for the year end and in carrying out their role in relation to annual financial statements. It does not establish any new requirements".

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