Providers of the Standards
Financial Reporting Council (FRC)
In the UK, the FRC is the independent regulator responsible for promoting high quality corporate governance and reporting. The FRC monitors and enforces auditing standards within the UK and Ireland.
It also oversees the regulatory activities of the professional accountancy bodies, and operates independent disciplinary arrangements for public interest cases involving accountants.
The FRC Board is supported by three committees, which:
i) advise the Board on technical matters, through the Auditing & assurance Council and Actuarial Council
ii) oversee its monitoring and disciplinary functions, through the Monitoring Committee and the Case Management Committee
iii) advise the Board on strategic issues.
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CODES & STANDARDS COMMITTEE
The Codes & Standards Committee advises the FRC Board concerning the UK framework of codes and standards covering accounting, auditing and assurance, and corporate governance. It also advises the Board on its research projects, influencing developments in the wider regulatory environment, the Board's Annual Plan, and appointments to (and oversight of) the three Councils. The Board may delegate matters to the Codes & Standards Committee, including some relating to international issues.
The Codes & Standards Committee is advised by three Councils, namely the Auditing & Assurance Council, the Accounting Council and the Actuarial Council. The Board member chairing each Council is responsible for submitting the Council's advice to the Board, and all such advice must be put to the Board in full.
The responsibilities of the Conduct Committee include overseeing:
- the monitoring of the Recognised Supervisory Bodies and the Recognised Qualifying Bodies (performed by the Professional Oversight Team)
- audit quality reviews (performed by the Audit Quality Review Team)
- corporate reporting reviews (performed by the Corporate Reporting Review Team)
- professional discipline
- oversight of the regulation of accountants and actuaries.
The Conduct Committee is supported by two sub-committees, namely the Monitoring Committee and the Case Management Committee (which advises on the handling of disciplinary cases).
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