Regulator Tells U.K. Auditors to Do Better on Company Reports
- ‘Other Information’ sections are often inadequate, FRC says
- Regulator to consider if firms should take more responsibility
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Auditors such as KPMG LLP and PricewaterhouseCoopers LLP must do better when it comes to compiling a key part of companies’ annual reports, their U.K. regulator warned.
The “Other Information” section is often inadequate and doesn’t meet the same standards as other parts of the report, even though it contains information vital to investors, the Financial Reporting Council said. The regulator told auditors to implement better procedures and targets and to place more emphasis on non-financial information.