The UK government has agreed to soften its requirements for corporates’ mandatory operating and financial reviews (OFRs) after intense lobbying from the business community.
The Department of Trade and Industry (DTI) has announced that it will not require auditors to make sure companies’ OFRs have been prepared with ?due and careful inquiry? ? a strict legal standard. Under current rules the DTI requires auditors to make sure the reviews are a ?true and fair? view ? a wider legal term open to more interpretation.
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