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FRC calls for large firms to report non-financial conduct

The Financial Reporting Council (FRC) has written to the six largest audit firms setting out its expectations for reporting of non-financial conduct to the FRC as part of its Audit Firm Monitoring and Supervision (AFMAS) responsibilities. 

The letter says the FRC wishes to build on its current interaction ‘to understand and assess the design and effectiveness of the policies and procedures the firms have in place to facilitate the reporting of and response to nonfinancial conduct matters’.

The FRC is asking the firms to provide their policies and procedures in relation to internal whistle-blowing, grievances, disciplinary matters and complaints from individuals outside the firm no later than 30 August 2019.

The FRC is looking to establish a clear process for regular reporting to the FRC of the level of non-financial conduct complaints and how those complaints are dealt with, on a quarterly basis starting from the quarter ending 30 September 2019.

The FRC said it expects to be notified of incidents which could pose a reputational threat, including matters related to non-financial conduct.

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