The Conduct Committee is responsible for overseeing the FRC’s Conduct Division
in its work promoting high quality corporate reporting. Its responsibilities include overseeing:
• Monitoring of Recognised Supervisory and Recognised Qualifying Bodies
• Audit Quality Reviews
• Corporate reporting reviews
• Professional discipline
• Oversight of the regulation of accountants and actuaries
It also has statutory functions which are delegated by the Secretary of State under section 457 of the Companies Act 2006 and section 14(2) of the Companies (Audit, Investigations and Community Enterprise) Act 2004. The Conduct Committee exercises these functions in accordance with its Operating Procedure
The Conduct Committee, which meets monthly, comprises FRC Board members and others with a range of skills, experience and relevant technical expertise. It has a lay majority of lay members and excludes current practising auditors as well as officers of the professional bodies it regulates.
The Conduct Committee is supported by three further Committees: the Case Management Committee which advises on monitors the handling of disciplinary cases, the Audit Quality Review Committee
and the Corporate Reporting Review Committee which ensure the consistency and quality of the FRC's monitoring work
. Members of these Committees, including the Chairs, sit on the Conduct Committee.