Just a wee update to show that despite the election, things are still ticking over.
A bit of background - Several of us are chasing up the Financial Authorities, the failure by CFC to disclose in their accounts potential liabilities with respect to litigation.
Not much of an update, but as I say, it demonstrates that we are still chipping away:
Dear **********
Thank you for your email asking for an update on the matter you raised with the FRC about the annual report and accounts of Celtic Plc.
Our email of 22 August explained that the information you provided is being considered by the FRC’s Corporate Reporting Review team.
CRR’s review work is performed in accordance with the Conduct Committee’s operating procedures for reviewing corporate reporting, which are available on the FRC’s website at
https://www.frc.org.uk/getattachment/fb5437a7-641b-4c18-b9f8-8baa7f36c7a5/Conduct-Commitee-Operating-Procedures-April-2017.pdf.
Paragraph 58 of the operating procedures explains that we do not normally provide complainants with updates during a review. We are, therefore, unable to give you any further information at present. This is because CRR conducts its review under the operating procedures, which commit to treating company information on a statutory and confidential basis, and with due and fair process for a company to respond to and engage with CRR to explain its accounting treatment.
That fair process and the complexity of some of the accounting issues may mean that it takes a longer period for a corporate reporting review to be concluded than you may immediately expect. The operating procedures also reflect statutory restrictions on what we can tell you (or others) about the progress or outcome of CRR’s review.
In particular, if the outcome of CRR’s review is that the company agrees to correct comparative figures in its next set of annual financial statements (or next interim report), CRR may not be able to disclose this to you until the company has published those figures. Because of annual reporting cycles, this sometimes means complainants do not find out the outcome of their complaint for up to, or around, 18 months after raising the matter. CRR will write to you at the appropriate time.
More information about CRR’s work, including a summary of ‘Frequently Asked Questions’, is also available on the website at
https://www.frc.org.uk/accountants/corporate-reporting-review.
Kind regards,
Anna Cobbett
Central Complaints Manager
Governance & Legal Team
Email:
complaints@frc.org.uk
Tel: 020 7492 2497