Regulatory financial reporting obligations on BT - taking a fresh view

Regulatory financial reporting obligations on BT - taking a fresh view

BT submitted its response to the second part of the consultation document on 12th July 2006

Executive summary

BT responded to the second part of Ofcom's two part consultation on BT's regulatory financial reporting obligations.  The first part, which BT responded to on 14th June 2006, mainly dealt with changes to the form and content of BT's regulatory financial statements for the year ended 31st March 2006, and some changes to the scope and nature of the audit opinion proposed by Ofcom.

This second response addresses the remaining questions posed by Ofcom in their consultation document, which related to the purpose of regulatory financial statements, sources of assurance of compliance with regulatory obligations, and the level of information that should be published.  BT believes that the current statements are far too complex and provide information that is neither useful to stakeholders nor easy to digest.  BT has proposed an alternative format for annual regulatory financial reports, which focuses on higher level information and key indicators, aimed at providing insightful analysis and sound first order assurance that BT is complying with its regulatory obligations.

Download BT's response as a PDF document

BT would welcome comments on this response. Comments should be addressed by e-mail to Michael Doodson at michael.doodson@bt.com