Today the Financial Conduct Authority along with the Financial Reporting Council and Prudential Regulation Authority have published a joint statement which is intended to:
- ensure that information continues to flow to investors (and thereby supports the continued functioning of the UK’s capital markets);
- help companies preparing and auditors auditing financial statements in the current uncertain climate; and
- help market participants and lenders to respond appropriately to what is likely to be the new normal in terms of audit report modifications and loan covenant breaches.
You can read the statement in full here.