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FRC publishes guidance on transparency

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1st Jun 2009
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The Professional Oversight Board, an operating body of the Financial Reporting Council (FRC) has published guidance material for audit firms required to publish a statutory transparency report in 2009.

The note provides a simple analysis of the information firms provided in their 2008 voluntary reports. It indicates where the FRC considers that the reports fall short of the requirements for statutory reports and draws out a number of specific points that it wants firms to consider carefully in finalising their 2009 reports.

It also comments on the extent to which the firms have drawn on the Audit Quality Framework, published by the FRC in 2008 in preparing their transparency reports.

Paul George, director of the oversight board said: “We were pleased that seven of the largest audit firms published transparency reports on a voluntary basis in 2008. However, there are significant differences of approach, content and level of detail.

Whilst we have no wish to press audit firms to follow a detailed template, we want the reports to be genuinely informative and meet the spirit as well as the letter of the statutory requirements. With this in mind, we think that it is helpful to provide an analysis of the 2008 reports and to put forward points that we would like the relevant firms to consider carefully in finalising their 2009 reports”.

The guidance material is available for download here.

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