Role and Responsibilities
The FRC’s functions derive from a number of sources.
We have direct statutory powers in relation to audit regulation, as well as some statutory powers delegated to us by the Secretary of State.
Some of our functions are supported by statutory obligations on other parties to meet our requirements and/or participate in arrangements provided by the FRC.
Some of our functions have no statutory backing but derive their authority from widespread support from, and voluntary arrangements with, our stakeholders.