New Financial Reporting Review Panel Deputy Chair appointed
News types: Staff/Board Announcements
Published: 4 May 2011
FRC PN 331
The Financial Reporting Council (FRC) today announces the appointment of Joanna Osborne as Deputy Chair of the Financial Reporting Review Panel (FRRP). The appointment will take effect from 1 June 2011.
Joanna Osborne has recently retired as a partner at KPMG. She has extensive technical knowledge of global financial reporting, audit and business issues and was a member of KPMG's International Financial Reporting Group (IFRG) from 2001-2003.
Commenting on the appointment, FRC Chairman Baroness Hogg said:
The Financial Reporting Council (FRC) today announces the appointment of Joanna Osborne as Deputy Chair of the Financial Reporting Review Panel (FRRP). The appointment will take effect from 1 June 2011.
Joanna Osborne has recently retired as a partner at KPMG. She has extensive technical knowledge of global financial reporting, audit and business issues and was a member of KPMG's International Financial Reporting Group (IFRG) from 2001-2003.
Commenting on the appointment, FRC Chairman Baroness Hogg said:
"Joanna's understanding of how global business works will be of great value in supporting the FRRP's aim of improving the quality of company reports and accounts. Her international experience and deep technical knowledge will help to ensure the FRRP's interventions are proportionate and that the interests of users of accounts are fully protected.”
Notes to Editors
- The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
- The Role of the Panel is to examine the annual accounts of public and large private companies to see whether they comply with the requirements of the Companies Act 2006 including applicable accounting standards. Following implementation of the Accounting Regulation (EC) No 1606/2002, this may mean compliance with UK or International Financial Reporting Standards.
- Where breaches of the Act are discovered the Panel seeks to take corrective action that is proportionate to the nature and effect of the defects, taking account of market and user needs. Where a company’s accounts or directors’ report are defective in a material respect the Panel will, wherever possible, try to secure their revision by voluntary means, but if this approach fails the Panel is empowered to make an application to the court under section 456 of the Act for an order for revision. To date no court applications have been made.
- The Chairman of the Panel is Bill Knight and the Deputy Chairman is David Lindsell. There are currently 24 other Panel members drawn from a broad spectrum of commerce and the professions. Individual cases are normally dealt with by specially constituted Groups of five or more members.
- Joanna Osborne will continue to be a member of KPMG’s Department of Professional Practice - Accounting and Reporting until 31 May 2011. She was a Partner with the firm from 1988-2009 including a secondment to the firm’s International Financial Reporting Group (IFRG) from 2001-2003. Joanna served as an audit engagement partner from 1988-2001 having first joined KPMG in 1975. She was educated at Newnham College, Cambridge and is an ICAEW qualified Chartered Accountant.
Document created under a former FRC operating body.