Today the Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA) issued a joint statement to remind auditors to make use of the new measures the regulators put in place to help auditors through the pandemic.
The measures include an extension of the typical reporting period. Under normal circumstances listed companies have four months from the financial year end date to publish their annual financial reports. This has been extended to six months.
An additional month has also been added for companies to publish half yearly financial reports, meaning companies have four months, rather than three, to publish half year results.
FRC executive director of regulatory standards Mark Babington said: “As the busiest period of the year for the preparation and audit of financial accounts approaches, it is paramount that investors and users of financial information continue to receive high quality financial information.
“Companies, auditors and investors should familiarise themselves with the latest guidance during these uncertain times to ensure they are managing reporting frameworks and stakeholder expectations appropriately.”