The Sharman Inquiry
Feedback Statement: Sharman Implementation Consultation Paper (PDF) was issued on 6 November 2013, concurrently with revised proposals for implementing the Sharman recommendations for companies that explain how they comply with the UK Corporate Governance Code that have been integrated with revised guidance on risk management and internal control. See press notice.
Sharman Implementation Consultation Paper was issued on 30 January 2013. Responses to the consultation questions and other comments are requested by 28 April 2013. For further information please see the press release, the responses received and the record of a public meeting held on 25 April 2013 (PDF)
The final report and recommendations of the Sharman Panel of Inquiry was released 13 June 2012:
The Sharman Inquiry
Lord Sharman spoke about the work of the Panel and its conclusions at a conference on 27 June 2012:
Lord Sharman's speech
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.
On 11 May 2011, the Panel of Inquiry published a Call for Evidence requesting written submissions by 30 June 2011.
Call for evidence and written evidence submitted
On 3rd November 2011 the Panel of Inquiry published its Preliminary Report and Recommendations requesting comments on its recommendations by 31 December 2011.
The Sharman Inquiry: Preliminary Report and Recommendations
Comment letters can be downloaded below
Asset Based Finance Association
Chartered Institute of Internal Auditors
Ernst & Young
Governance of Owners
Institute of Chartered Accountants in Australia
Jim Shannon MP
Marks and Spencer
Quoted Companies Alliance
UK Shareholders' Association
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.
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
The Panel of Inquiry published its preliminary report in November 2011 snd its final report in June 2012.
Terms of reference
Contacting the Panel of Inquiry
Communications with the Panel of Inquiry may be directed by mail to:
Secretary - FRC Panel of Inquiry on Going Concern and Liquidity Risk
Financial Reporting Council
5th Floor, Aldwych House
London WC2B 4HN
by email: firstname.lastname@example.org
or by telephone 020 7492 2325