By Nichola Ross Martin
HMRC is to act as whistleblower to the Financial Reporting Review Panel as part of measures to ensure that there are no repeats of Enron style accounting failures in the UK.
The Panel, which is part of the Financial Reporting Council, is responsible for ensuring that the provision of financial information by public and large private companies complies with relevant accounting requirements. Its work has been reviewed recently by the government initiated Co-ordinating Group on Audit and Accounting (CGAA) to review the adequacy of the UK regulatory regime for statutory audits and financial reporting.
The Panel was originally established as a reactive body to respond to matters drawn to its attention by third parties or press comment. In light of the US corporate collapses...