The Financial Conduct Authority (FCA), Financial Reporting Council (FRC), Prudential Regulation Authority (PRA) and the European Securities and Markets Authority (ESMA) have announced a series of actions to ensure information continues to flow to investors and support the continued functioning of the UK’s and Europe's capital markets. The FCA, FRC and PRA strongly encourage investors, lenders and other users of financial statements to take into account the unique set of circumstances arising from COVID-19 which might result in uncertainty in companies’ financial positions, potential delays in the provision of financial information, the need for auditors to undertake additional work to support their audit opinions and the increased use of modified audit opinions, including qualifications arising from scope limitations.
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