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FRC collaborates with IFEC to promote financial literacy on audit related topics to retail investors
8 Sep, 2021

The Financial Reporting Council collaborates with the Investor and Financial Education Council (IFEC) to promote financial literacy to retail investors and members of the public and rolls out today a series of reader-friendly articles on audit related topics.

The first two articles of our new series are titled ‘Auditor’s Opinion’ and ‘Key Audit Matters of Financial Statements’ ’ and are published today. These articles address two important elements of an auditor’s report that even professional investors may not have paid enough attention to.

Dr Kelvin Wong, Chairman of the FRC, who was Chairman of IFEC from 2017 to 2018, remarked, “I am so glad to have this opportunity of working closely with IFEC again to promote responsible investment among retail investors. Financial education is highly important to the public in particular because the global financial markets are fast evolving and ever more complex. Retail investors would need to know how to read and interpret the complete set of financial information contained in the annual report, including the information in the auditor’s report such as the auditor’s opinion and key audit matters. Such information has significant implications for the credibility of the financial statements and their trustworthiness when investors make their investment decisions. Through our strategic collaboration with IFEC, we aim to engage directly with the public to share our knowledge and insights, thereby enhancing investor protection.”

For details, please click here.