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FRC Home » The FRC » The Sharman Inquiry » Print Page
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The Sharman Inquiry

Background

On 8 March 2011, the FRC announced the launch of an Inquiry led by Lord Sharman to identify lessons for companies and auditors addressing going concern and liquidity risks. http://www.frc.org.uk/press/pub2531.html.

On 11 May 2011, the Panel of Inquiry published a Call for Evidence requesting written submissions by 30 June 2011.

Downbload PDF Call for Evidence

Written evidence submitted to the Panel of Inquiry (excluding confidential items) can be viewed here:

Written Evidence

On 3rd November 2011 the Panel of Inquiry published its Preliminary Report and Recommendations requesting comments on its recommendations by 31 December 2011.

Downbload PDF The Sharman Inquiry: Preliminary Report and Recommendations

Comment letters can be downloaded below

See: Going Concern and Financial Reporting for further details of the FRC guidance.

The purpose of the Inquiry is to identify lessons for companies and auditors addressing going concern and liquidity risks. The Inquiry will draw on the experience of companies and auditors who have had to address these issues in times of difficulty, including during the credit crisis. The Panel of Inquiry will recommend measures, if any, which are necessary to improve the existing reporting regime and related guidance for companies and auditors in relation to these matters.

The Inquiry is expected in part to help to inform the debate that the FRC is seeking to promote through its discussion paper: 'Effective Company Stewardship – Enhancing Corporate Reporting and Audit'.

Panel Members

The Panel of Inquiry is led by Lord Sharman of Redlynch, and also includes David Pitt-Watson and Roger Marshall.

Members of the Panel of Inquiry

Timetable

The Panel of Inquiry is expected to provide its preliminary conclusions in the summer and final recommendations by the end of the year.

Terms of reference

Contacting the Panel of Inquiry

Communications with the Panel of Inquiry may be directed by mail to:

Marek Grabowski
Secretary - FRC Panel of Inquiry on Going Concern and Liquidity Risk
Financial Reporting Council
5th Floor, Aldwych House
71-91 Aldwych
London
WC2B 4HN

or by telephone 020 7492 2325

or by email: sharman.secretariat@frc.org.uk

Panel Discussion Forum
(for use by Panel members only)
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