The FRC today releases its Plan and Budget 2013/16
following a period of consultation.
The FRC underwent significant reform in 2012 which saw the organisation transformed into a fully integrated body with new powers to act decisively and proportionately when new risks arise. The Plan sets out the overarching goal to build trust and foster investment through effective regulation, developing a stronger voice in Europe and internationally whilst delivering better value for money for levy payers.
Focussing on UK strengths
The Plan sets out an agenda aligned with the need to maintain the UK’s competitiveness in world markets and contribute to recovery. In an economic environment where the focus has moved from immediate crisis to an emphasis on growth, the FRC will look to foster investment by ensuring that the strengths of the UK are recognised and reinforced.
We recognise that the FRC’s work does not fit into neat yearly cycles. This Plan is, for the first time, based on a longer, three year, time horizon enabling the FRC to focus on how it and its stakeholders move forward in line with the shifting UK and European agenda.
FRC CEO Stephen Haddrill said:
“We recognise that confidence in markets and companies remains critical for investors and longer term economic recovery. Our vision is of a future where the needs of investors are fully aligned with the corporate governance and approach to corporate reporting by companies and their auditors.”
The FRC is mindful of the economic pressures faced by our stakeholders, having absorbed the impact of significant Government spending cuts and managed our work in recent years with no increases in levies. However, with new demands, especially internationally we have set a budget for 2013/14 that enables us to discharge our obligations more effectively. Most companies will still not see a rise in the levy above inflation.
Notes to editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
Our fundamental objective is to promote high-quality corporate governance and reporting to foster investment. The Plan sets out our continued commitment to:
address larger cross-cutting issues by working together within the FRC on governance, accounting and actuarial standards and audit issues;
use our monitoring work in the conduct area to identify new risks more effectively and to apply the most appropriate remedies;
build on our growing international influence by engaging and deploying the authority of our Board; and
help secure public confidence by reinforcing our independence as a regulator.
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