The Professional Oversight team fulfils the following statutory responsibilities for the FRC:
- Ensuring that the FRC, as Competent Authority, may be satisfied that each Recognised Supervisory Body (‘RSB’) has the necessary arrangements in place to meet the requirements of the Delegation Agreement and should continue to be recognised as an RSB for the purpose of statutory audit;
- Independent oversight of the audit qualification awarded by the Recognised Qualifying Bodies (‘RQBs’) for the purpose of statutory audit;
- Independent supervision of Auditors General in respect of the exercise of their function as statutory auditors;
- Recognition of RSBs and RQBs for local audit purposes under the Local Audit and Accountability Act 2014
- The regulation of auditors ("third country auditors") of companies outside the European Economic Area that have issued securities admitted to trading on UK regulated markets; and
- The receipt of statutory change of auditor notifications from companies and statutory auditors in respect of public interest companies;
We report annually to the Secretary of State for Business, Innovation and Skills on the findings from this work. These reports up to 2012 can be found here. Reports from 2013 onwards are included in the FRC’s annual report which can be found here
By agreement with the Institute and Faculty of Actuaries (IFoA)
, the Professional Oversight team exercises independent oversight of the regulation by the IFOA of its members.
By agreement with the chartered accountancy bodies, the Professional Oversight team exercises independent oversight of the regulation of the accountancy profession.