The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have today announced a series of actions and issued a series of statements that are intended together to:
(a) ensure that information continues to flow to investors (and thereby supports the continued functioning of the UK’s capital markets);
(b) help companies preparing and auditors auditing financial statements in the current uncertain climate; and
(c) help market participants and lenders to respond appropriately to what is likely to be the new normal in terms of audit report modifications and loan covenant breaches.
Statement