About the FRC Making complaints or referrals to the FRC Complaints about a company's accounts

Complaints about a company's accounts

Find out more about our processes and how to make a complaint about a company’s accounts below.
 

You should complain to the company first.
 
If you are not satisfied with its response you can fill in our complaint form.

Complaints about whether the relevant statutory reporting requirements have been followed and if they comply with the Companies Act 2006 or the Companies (Audit, Investigations and Community Enterprise) Act 2004.
Find out more about our Corporate Reporting Review work here and the FRC Corporate Reporting Review Operating Procedures here. Some answers to questions about making a complaint about an entity’s corporate reporting are here.

We do not give advice on the application of accounting standards or statutory reporting requirements.

  • Ask directors to explain apparent departures from reporting requirements

  • Ask directors to make appropriate corrections, voluntarily withdraw and issue revised accounts.

  • We have statutory power to apply to the Court if restatements are not made or we remain dissatisfied.

  • Where the matter is less significant, corrections or improvements may be made in the next set of annual financial statements.

Complaints should be submitted within 12 months of the conduct or matter that you wish to be reviewed, or within 12 months of you reasonably becoming aware of it. 
 
If 12 months have passed, we will ask you to explain why we should look into it and why you did not make a complaint earlier.

We will contact you within 5 working days to tell you if your complaint can or should be reviewed by the FRC.  If not, we will explain why.
 
If it is something we can look into, it will be passed to our Corporate Reporting Review Team who will acknowledge your complaint in 5 working days after it has been passed to them and may ask for further information.  The Team will review your complaint and will:
 

  • Aim to inform you within 6 weeks if the matter falls within their area of responsibility or not.

  • Engage, if appropriate, with the company.

  • Write to you at end of the process to tell you the outcome.

We may contact you for further information about your complaint.
 
If our Corporate Reporting Review Team decides not to take further action we will explain why within 6 weeks. 
 
If we think that your complaint should be referred to another regulator, we will tell you.
 
You will not be given any updates or outcome even if you contact us.  This is to ensure fairness and due process for a company to explain its accounting treatment to us.  Our Corporate Reporting Review Team conduct their review under the FRC Corporate Reporting Review Operating Procedures, which commit to treating company information on statutory and confidential basis.
 
Due to the complexity of some of the issues we consider and also that financial statements may only be issued annually, it may take 18 months for the outcome of the complaint to be finalised
 
We periodically publish, with the consent of the relevant company, a summary of findings following the closure of a review. These identify whether the company agreed to make a change to a significant aspect of its reporting in response to CRR’s review. We also publish information in our Annual Activity Report and thematic reviews.
 
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You can fill in our complaint form.

See more about how we handle these complaints and what happens next here.