A UK company limited by guarantee; it is a subsidiary of the Financial Reporting Council, which acts as its sole director. The panel investigates departures from the accounting requirements of the Companies Acts and is empowered to take legal action to remedy any such departures. Its remit covers the financial reports of public companies and large private companies. All other companies are subject to scrutiny by the Department of Business, Enterprise and Regulatory Reform. The panel does not look at all company accounts but has doubtful cases drawn to its attention.
Subjects: Financial Institutions and Services.