Role and Responsibilities
Published: 25 September 2023
1 minute read
The FRC’s functions derive from a number of sources.
We have direct statutory powers in relation to audit regulation, as well as some statutory powers delegated to us by the Secretary of State.
Some of our functions are supported by statutory obligations on other parties to meet our requirements and/or participate in arrangements provided by the FRC.
Some of our functions have no statutory backing but derive their authority from widespread support from, and voluntary arrangements with, our stakeholders.
Remit letter
In November 2023, the Secretary of State for Business and Trade issued the Financial Reporting Council (FRC) with a new remit letter updating the Government’s priorities for the FRC’s work.
The FRC welcomes the Government’s recognition of the progress made to modernise as a regulator and the role of the FRC in making the UK the best place in the world to start, grow and invest in a business.
The new remit letter sets out the FRC’s core responsibility to enhance public trust and confidence in the quality of audit, corporate reporting and governance whilst supporting the UK’s economic growth and international competitiveness.
Financial Reporting Council (FRC) remit: letter from Business Secretary, November 2023
Publications
| Name | Framework Document between BEIS and the FRC (May 2022) |
|---|---|
| Publication date | 21 June 2022 |
| Format | PDF, 473.1 KB |
| Name | FRC Roles and Responsibilities: Schedule of Functions and Powers |
| Publication date | 6 December 2022 |
| Format | PDF, 220.7 KB |
| Name | Our Approach to Regulation: The FRC and the Regulators’ Code |
| Publication date | 23 November 2022 |
| Format | PDF, 397.6 KB |