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. 

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.

Access more information concerning the FRC, including FRC publications.

  • Codes and Standards Committee

    The Codes and 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 and Standards Committee, including some relating to international issues.

    The Codes and Standards Committee is advised by three Councils, namely the auditing and 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.

  • Conduct Committee

    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).

  • Further information on the FRC, including publications

    About the FRC
    Auditing Standards
    Ethical Standards for Auditors
    Scope of audit
    Exposure Drafts
    Practice Notes
    Bulletins
    Standards for Investment Reporting
    Review Standards
    Other standards and guidance
    Superseded standards and guidance
    Other statements
    Research documents
    Promoting audit quality
    Audit Firm Governance Code

    Further information

Irish Auditing and Accounting Supervisory Authority (IAASA)

In Ireland, IAASA is the independent body responsible for oversight of the regulatory functions of the Recognised Accountancy Bodies in relation to statutory auditors.

IAASA has adopted the Auditing Framework for Ireland, consisting of the Ethical Standards for Auditors (Ireland) 2017, International Standards on Auditing (Ireland) (ISA (Ireland)) comprising 35 separate standards, and International Standard on Quality Control (Ireland) (ISQC (Ireland)) 1 2018. These standards, which are based on the ISAs (UK & Ireland), as amended, are issued under licence from the FRC in the UK. 

The Auditing Framework for Ireland applies to the audits of financial periods beginning on or after 17 June 2016, for which audit opinions are signed after 1 February 2017. Individuals and audit firms that are approved to carry out statutory audits in Ireland are required to conduct Irish statutory audits in accordance with these standards.

Further information on IAASA, including publications and the Auditing Framework for Ireland:

About IAASA

Publications

International Standards on Auditing for use in Ireland

International Standards on Auditing (Ireland)

Ethical Standard for Auditors (Ireland) 2017

International Standard on Quality Control (Ireland) 1 (2018)