The Financial Reporting Council (FRC) has today announced the composition of the Market Participants Group (“MPG”) for its Choice in the UK Audit Market project. The list of members can be viewed at http://www.frc.org.uk/about/auditchoice.cfm

The MPG has been established to provide advice to the FRC and, in particular, it will identify and assess possible actions which market participants could take to mitigate the risks arising from the characteristics of the market for the audit for major public interest entities in the UK. The composition of the Group has been approved by the FRC Council.

The MPG is comprised of four representatives from the entities being audited, four from firms providing audit services, and four from shareholders and other users of audit services.

Members of the MPG are appointed as individuals, based on their knowledge of the preparation or use of audit reports and the auditor selection process and on their seniority.

FRC Chief Executive, Paul Boyle said:

“We are delighted with the quality and seniority of individuals who have agreed to be nominated to the Group, and believe we have a good balance of membership between the corporate community, audit firms and investors and other stakeholders.”

1. The Financial Reporting Council (FRC) is a unified, independent regulator. Its mission is to promote confidence in corporate reporting and governance.
2. The FRC incorporates six operating boards: the Accounting Standards Board, the Auditing Practices Board, the Financial Reporting Review Panel, the Accountancy Investigation and Discipline Board, the Professional Oversight Board and the Board for Actuarial Standards.
3. Details of the FRC’s work on Choice in the UK audit market at http://www.frc.org.uk/about/auditchoice.cfm.
4. All Press enquires should be directed to: Paul George, telephone 020 7492 2340.