These include risks related to the current economic environment for example: going concern, impairment, recoverability and recognition of tax assets/liabilities
The priority sectors are construction and materials, food producers, gas, water and multi-utilities, industrial metals and mining and retail.
These priority sectors are only one risk factor amongst the many which the FRC takes into account when making selections.
The financial services sector, including banking and insurance, continues to be a focus of reviews and is included annually in the selections made.
Furthermore, the FRC has announced a number of programmes of corporate reporting reviews and audit quality inspections.
These include risks related to the current economic environment for example: going concern, impairment, recoverability and recognition of tax assets/liabilities.
The FRC will also prioritise climate related risks, including TCFD disclosures, implementation of IFRS 17 – insurance contracts and cash flow statements.
Writes Liam J Moran in Accountancy Today