The Financial Reporting Review Panel, one of Britain's audit watchdogs, released its first report into the United Kingdom's accounting principles, saying it found "no evidence of systemic weakness."
Spurred on by the accounting frauds that bankrupted U.S. energy giant Enron and Italian dairy Parmalat, the panel randomly reviewed 226 sets of accounts, finding only three breaches of reporting requirements significant enough to issue a public notice. Established in 1990, the panel is part of the Financial Reporting Council, whose mission is to promote confidence in corporate reporting and governance.
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