U.K. FRC Says There’re “Continued Demands” Imposed by Crisis

U.K.’s Financial Reporting Council says Audit Quality Review, Corporate Reporting and Professional Oversight teams will resume their full program of supervisory work from May 11, according to a statement.

• Will also resume inspection and supervisory work with audit firms
• “While our work will require responses from audit firms, companies and professional bodies, we recognize the continued demands imposed by the crisis. We will relax our expectations regarding the deadlines for these responses where necessary”
  • Proposes only new material be issued that is essential at this stage
• Continues to progress investigations and enforcement action while taking the current situation into account ...