New financial watchdog will have real teeth.

(From Business Day (South Africa))

Byline: Sanchia Temkin

New financial watchdog will have real teeth Professional Services Editor A NEW watchdog to investigate and penalise companies that transgress financial reporting standards is expected to be set up by government next year. The aim is to protect inves-tors and shareholders, who rely on the accuracy of a company's financial statements. Known as the Financial Reporting Investigations Panel (FRIP), it forms part of proposals to amend SA's company laws. The Companies Act is expected to be repealed by June next year. The Generally Accepted Accounting Practice (Gaap) Monitoring Panel, which plays a similar …