The UK Financial Reporting Council (FRC) has
created a new senior advisory group to investigate lessons from the
credit crisis and other market developments.

The group will help identify and evaluate
issues that have impacted corporate reporting, accounting and
auditing of non-financial services companies.

It will also advise the FRC on issues such as
narrative reporting and the role of the auditor.

FRC chief executive Stephen Haddrill will
chair of the advisory group.

Other members include:

  • Mark Armour, Reed Elsevier’s chief financial
    officer;
  • John Cridland, CBI’s deputy director
    general;
  • Steve Maslin, a Grant Thornton partner;
  • Ian Powell, PricewaterhouseCoopers UK
    chairman and senior partner;
  • Keith Skeoch, Standard Life Investments chief
    executive; and,
  • Lindsay Tomlinson, BlackRock’s managing
    director.

Haddrill said the aim of the group is to apply
the lessons from the financial crisis to the issues within the
FRC’s remit and to consult on proposals for reform.

“It is time to get into the detail of the
auditing, accounting and corporate reporting practices that need to
be changed to enhance the relevance and value of information
provided to the capital markets and the assurance given by audit,”
Haddrill explained.

The FRC expects to publish a discussion
document in the autumn.