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Audit and Actuarial Regulation

The Audit and Actuarial Regulation division encompasses the FRC’s audit and assurance standards and guidance, monitoring, and professional oversight, functions.

Our work includes:
  • development and maintenance of auditing and assurance standards and guidance for engagements that are performed in the public interest within the United Kingdom;
  • direct monitoring of the auditors of public interest entities (PIEs) and large AIM quoted companies and Lloyd's Syndicates;
  • oversight and regulation of the Recognised Supervisory Bodies in their performance of the Regulatory Tasks delegated to them by the FRC as the Competent Authority for statutory audit and Recognised Qulifying Bodies; 
  • setting of technical actuarial standards and independent oversight of the regulation of the actuarial profession by the Institute and Faculty of Actuaries (IFoA); 
  • research and thematic studies.

You can read more about each individual function under each of the sections below.
The Development in Audit 2015/16 report is the first of its kind for the FRC as the UK’s Competent Authority for audit. read more >
Report on Developments in Audit
Audit & Assurance Lab
The Financial Reporting Council (FRC) issues for use within the United Kingdom: • Standards and guidance for auditing; read more >
The Audit Quality Review (AQR) team monitors the quality of the audit work of those UK audit firms that audit Public Interest and certain other entities within Scope (large AIM). read more >
The Professional Oversight team fulfils the following statutory responsibilities for the FRC read more >
Following the Morris Review of the Actuarial Profession, published in March 2005, HM Treasury asked the Financial Reporting Council (FRC) to take on responsibility for oversight of the UK Actuarial read more >
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The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS