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The importance of the role of the auditor and annual reports discussed by FRC

The Financial Reporting Council (FRC) has considered the importance of an auditors role and the release of preliminary announcements on annual reports, with a particular focus on the London Stock Exchange.

Currently, the most common approach is for preliminary results to be based on audited information, although a minority of companies publish preliminaries based on unaudited information.

Stakeholder engagement suggested that there is limited understanding of the current role of the auditors when agreeing to the publication of preliminaries, therefore, the FRC is inviting comments on this discussion paper by 23 June 2017.

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