The Financial Reporting Council is to hold a stakeholder meeting on Thursday 10 May in London to discuss the provisional recommendations of the FRC’s Market Participants Group on the Choice in the UK Audit Market project.

The Market Participants Group expects to publish its interim report prior to the stakeholder meeting. The Group will be seeking comments on its provisional recommendations.

Following a presentation of the Group’s findings, participants at the stakeholder meeting will have an opportunity to discuss their preliminary reactions to the interim report. Details of this meeting are available on the FRC website.

FRC Chief Executive, and Convenor of the MPG, Paul Boyle said:

“The Market Participants Group has developed a package of provisional recommendations that have the potential to enhance the efficiency of the audit market and lead to increased choice of auditors in the medium to long term. We hope that this meeting will assist stakeholders as they begin to develop their responses to the MPG’s recommendations.”

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance.
2. The FRC’s functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy Investigation and Discipline Board) and by the Council. The Committee on Corporate Governance, whose members are drawn from the Council, assists it in its work on corporate governance.
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 or Paul Boyle 020 7492 2390.