Now that listed companies are getting to grips with the requirement for extended audit reports, the Financial Reporting Council’s (FRC) latest analysis of the quality of the year two reports sheds some light on the significant changes to reporting for listed entities.

So how have firms performed in year two of the new regime? Given the radical nature of the change to the regime, it is hardly surprising that there were some wide variations in the nature and extent of what was reported in the first year but there seems to be general agreement that companies that were perhaps over-cautious in the first year have stepped up to the plate.