Oversight of the Accountancy Profession
By agreement with the six chartered accountancy bodies, the FRC has a non-statutory role for oversight of the regulation by the professional accountancy bodies of their members beyond those that are statutory auditors.
The six chartered accountancy bodies are:
Oversight in respect of all of these professional bodies, except CIMA, is governed by an exchange of letters from 2003 between the FRC and the Consultative Committee of Accountancy Bodies (CCAB). All of the six professional bodies are members of the Accountancy Scheme. The FRC's work to oversee the regulation of statutory auditors is also relevant to the oversight of the accountants more generally, as the regulatory systems often apply to both. The FRC continues to act as a recipient of complaints about professional accountancy bodies. More information on making a complaint about a professional accountancy body can be found here.
Sir John Kingman's independent review has made a number of recommendations in respect of FRC’s oversight of the Accountancy Profession which is now being consulted on through BEIS' public consultation.
In addition the FRC publishes annually Key Facts and Trends in the Accountancy Profession, which gives statistical data on the accountancy profession and provides context to the FRC's work.