Funding the Audit, Reporting and Governance Authority - FRC consultation

ACCA welcomes the opportunity to comment on the FRC’s proposals for funding the Audit, Reporting and Governance Authority (ARGA).

We would like to reiterate again our support for the FRC’s efforts to transition itself into ARGA to better serve the public interest. As outlined in our responses to previous consultations, ACCA is very supportive of measures which strengthen trust and public confidence in the audit and corporate reporting regulatory framework which brings benefits to society and the UK economy more generally. Similarly, we also recognise the reputational benefits that ACCA and its members enjoy from a regulatory framework that achieves robust oversight based on a proportionate, fit-for-purpose governance regime.

We are generally supportive of the high-level principles on which ARGA’s funding model should be based and will respond on subsequent consultations when further detail is provided. The creation of a funding model underpinned by statute and based on the core principles of fairness, transparency and proportionality is key to ensuring ARGA can operate on a sustainable and independent basis. However, we have identified some areas of concern and points for clarification, and these are highlighted in our responses to the questions raised where appropriate.

To read the response in full, please download the consultation response document on this page.