The Financial Reporting Council (FRC) today issues its draft plan and budget for 2013/2014. It is consulting on its strategic priorities and funding to pursue its mission of promoting high quality corporate governance and reporting to foster investment.
The draft plan identifies six priority projects to deliver more effective regulation, better corporate reporting, better audit quality and value, effective actuarial oversight and better links to the economic and market context. More information about these projects can be found in Section One of the draft plan.
The draft plan describes the significant challenges facing accounting, audit, corporate governance and the actuarial profession in the UK over the coming year and sets out the FRC response. That response requires more resources. To fund its activities next year the FRC will require an average 8.5% increase in the levy rates. The additional funding will strengthen our ability to respond to international demands, to scrutinise emerging issues and to conduct research into the economic and business environment in which we operate.
Commenting on the draft plan and budget, Chief Executive of the FRC Stephen Haddrill said,
“FRC reform has produced a more effective and streamlined organisation, able to deliver more for its stakeholders. This plan sets out what the FRC wants to achieve and the resources it needs to do it: more effective regulation, a stronger voice in Europe and internationally, along with good value for money for levy payers.”
The consultation will close on 28 March 2013.
Notes to editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. It sets the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. It represents UK interests in international standard-setting. It also monitors and takes action to promote the quality of corporate reporting and auditing. It operates independent disciplinary arrangements for accountants and actuaries; and oversees the regulatory activities of the accountancy and actuarial professional bodies.
The FRC Draft Plan & Budget 2013/2014 can be found here.
All press enquiries should be directed to: Sophie Broom, Communications Executive, on telephone: 07768502332 / 07771 808464 or email: firstname.lastname@example.org.
Further information on the scope of the FRC’s audit monitoring work for 2013/2014 is also being published on the FRC website today.