Scope and limitations of a CRR review
Published: 28 September 2023
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A review conducted by CRR does not provide any level of assurance on which reliance can be placed. Our review is not an audit and does not benefit from a detailed knowledge of the company’s business or an understanding of the underlying transactions entered into that a company’s management or its auditors possess. It is a desk-top review of a company’s report and accounts or interim report for compliance with the relevant reporting requirements, conducted by FRC staff who have an understanding of the relevant legal and accounting framework but who can only respond to the material that is disclosed.
As we cannot give any assurance that a company’s report and accounts or interim report complies with relevant accounting and reporting requirements in all material respects, the FRC, and its officers, employees and agents, accept no liability for reliance on them either by a company, its directors or any other third party. This includes, but is not limited to, a company’s shareholders and potential investors.
We recognise that those with more detailed knowledge of a company’s business, including its audit committee and auditors, may also have recommendations for future improvement. We support continuous improvement in the quality of corporate reporting and encourage consideration of any matters they draw to a company’s attention in addition to those that may be highlighted in our correspondence.