The same but different
The adequacy of strategic reports and director's reports needs careful consideration in light of additional auditor reporting responsibilities.New auditor reporting requirements were introduced by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 – SI 2015/980 (the 2015 Regulations). Because these regulations revised sections 496 and 497 of the Companies Act 2006 (the Act), for financial years commencing on or after 1 January 2016 auditors have additional reporting responsibilities in relation to the strategic report (SR) and directors’ report (DR), and if applicable, the corporate governance statement (though the latter is outside the scope of this article). The new requirements also applied to early adopters of certain of the July 2015 amendments to FRS 101 and to early adopters of the disclosure requirements for small companies permitted by FRS 102 section 1A.
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