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UK watchdog to scrutinise how companies, auditors calculate climate risk

Source(s): Thomson Reuters
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By Simon Jessop, Muvija M, and Matthew Green

Britain’s financial accounting watchdog plans to review how companies and auditors assess and report the impact of climate change on their businesses, as investors push for better disclosure of the risks.

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Many money managers are concerned the information they are given by companies and the accounts signed off by auditors do not give a full picture of the risks, leaving them vulnerable to steep losses.

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The FRC said it would check company reports and accounts for their compliance with reporting requirements, and audits to see how auditors reflect climate risk, both in terms of the judgements they make and any related disclosures.

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As well as assessing the resources auditors such as KPMG, EY, Deloitte and PwC devote to evaluating the impact of climate change, it would also gauge the quality of future risk disclosures under Britain’s new Corporate Governance Code.

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Themes Private sector Risk identification and assessment Governance
Country and region United Kingdom of Great Britain and Northern Ireland
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