The FRC’s Codes and Standards Division develops and maintains standards and guidance for Audit and Assurance
engagements that are performed in the public interest within the United Kingdom and Republic of Ireland. It also seeks to influence the development of international auditing and assurance standards and policy developments that are relevant to its remit.
The FRC’s Conduct Division undertakes a number of activities that are relevant to auditors:
The FRC’s Audit Quality Review team monitors the quality of the audits of listed and other major public interest entities and the policies and procedures supporting audit quality at the major audit firms in the UK;
The FRC is the independent disciplinary body for accountants and accountancy firms (including auditors and audit firms) in the UK. Its Professional Discipline team deals with cases of potential misconduct which raise or appear to raise important issues affecting the public interest in the UK;
The FRC has a number of Professional Oversight responsibilities that include independent oversight of the regulation of statutory auditors by the recognised supervisory and qualifying bodies in the UK;
The FRC may also conduct a Supervisory Inquiry in certain circumstances.