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Covid-19 No Excuse for Failing to Speak Up, FCA Warns Auditors

Aug. 10, 2020, 11:35 AM

The U.K. financial regulator issued a warning to auditors that they must flag concerns about companies promptly as the Covid-19 pandemic wreaks havoc with a wide swathe of retailers, restaurants and travel firms.

The Financial Conduct Authority has written to auditors, saying they expect the firms to raise any issues with them “proactively and without delay,” and to not let reporting obligations lapse because of the coronavirus pandemic.

The duty to inform the regulator is binding as soon as uncertainties arise, including when a firm is likely to be unable to continue as a going concern, Christopher Woolard, the FCA’s ...

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