FRA, FRC and PRA issue joint action statement

A joint statement has been issues by the Financial Conduct Authority (FCA), the Financial Reporting Council (FRC) and the Prudential Regulation Authority (PRA) pledges action on several key issues. These including helping companies prepare financial statements in the uncertain climate, helping lenders and market participants respond to what is likely to be “the new normal” for audit report modifications and loan covenant breaches and seeking to ensure that information continues to flow to investors.

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