Reliable Accounting Risk

Reliable Accounting Risk

Reliable Accounting Risk

The Forum is concerned about the reliability of annual accounts. The Forum has identified that accounting standards and standards of auditing are a key factor
The Forum is concerned about the reliability of annual accounts. The Forum has identified that accounting standards and standards of auditing are a key factor

Two legal opinions from an independent source Mr Bompas QC have shown that the position of the regulator, the Financial Reporting Council (‘FRC’), is wrong on key points of law.

 

The legal opinions have revealed that; the FRC has relied on the same legal advice as the party it regulates, and that the FRC has even written the words of the key parts of statute down wrongly. Information obtained under the Freedom of Information Act has also revealed that the FRC has wrongly stated the position of the UK government on this matter.

 

The Forum has twice written to FTSE 350 companies and is a member of an investor coalition that is seeking to rectify matters.

 

The concerned investors include several of the UK’s largest pension funds and largest asset managers. The Forum position was recognized in a Motion of the European Parliament in May 2016 passed with an overwhelming majority. The Forum had informed the Parliament that it regarded the FRC as a “state within a state”. Representations to the UK Parliament are also being made.

Reliable Accounting Risk Publications

Reliable Accounting Risk News

 

Reliable Accounting Risk

LAPFF