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FRC NQRP Summary 2021
Regulator: Financial Reporting Council
Business Impact Target Reporting Period Covered: 17 December 2020 – 16 December 2021
| Excluded Category* | Summary of measure(s), including any impact data where available** | Excluded Category* |
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| Amendments to FRS 101 – 2019/20 cycle: an exemption from the disclosure of cash flows that would otherwise be required by paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources plus removal of the current condition for the disclosure exemption from paragraph 33(c) of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. |
| Amendment to FRS 101 – Effective date of IFRS 17: change to the effective date of the revised definition of 'qualifying entity' in FRS 101 to maintain alignment with the effective date of IFRS 17. |
| Amendments to FRS 104 – Going concern: an explicit requirement for management to assess an entity's ability to continue as a going concern and disclose any related material uncertainties when preparing interim financial reports. |
| Amendments to FRS 102 - Interest rate benchmark reform (Phase 2): to address the financial reporting implications arising from the actual replacement of interest rate benchmarks. |
| Amendments to FRS 101 – 2020/21 cycle: to provide exemptions from certain of the disclosures that would otherwise be required by IAS 16 Property, Plant and Equipment. |
| FRED 79 FRS 101 – 2021/22 cycle. (The FRED proposes making no changes to FRS 101 as a result of this year's annual review.) |
| International Standard on Quality Management (UK) Quality Management For Firms That Perform Audits Or Reviews Of Financial Statements, Or Other Assurance Or Related Services Engagements |
| International Standard on Quality Management (UK) 2 Engagement Quality Reviews |
| International Standard on Quality Management (UK) 220 Quality Control For An Audit Of Financial Statements. |
| Revised International Standard for review Engagement (UK) 2410 (ISRE (UK) 2410) Review of Interim Financial |
| EU Regulations, Decisions and Directives and other international obligations, including the implementation of the EU Withdrawal Bill and EU Withdrawal Agreement | Information performed by the Independent Auditor of the Entity. | Excluded Category* | Summary of measure(s), including any impact data where available** |
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| Description of Regulatory Provision (Regulator’s own description) |
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[TOC]
Regulator: Financial Reporting Council
Business Impact Target Reporting Period Covered: 17 December 2020 – 16 December 2021
| Excluded Category* | Summary of measure(s), including any impact data where available** |
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| ## Introduction |
Welcome to the FRC Guidance on Audit and Assurance Director Reports. This document aims to assist preparers, especially directors of UK public interest entities, in understanding and complying with relevant requirements when preparing their audit and assurance director reports.
The guidance is provided for general information purposes only and does not constitute legal or professional advice. Readers should refer to the relevant legislation and standards for the most up-to-date and specific requirements.
1. Statutory and Regulatory Background
Directors of public interest entities (PIEs) are required to prepare an audit and assurance director report. This report supplements the existing requirements for the audit committee report and forms part of the corporate governance statement.
1.1 Scope and Application
The report is applicable to UK incorporated companies that are PIEs. A PIE is defined in the Companies Act 2006 (as amended) and includes:
- A company whose transferable securities are admitted to trading on a UK regulated market.
- A credit institution.
- An insurance undertaking.
- A company designated by the Financial Reporting Council as a PIE.
1.2 Purpose of the Report
The primary purpose of the audit and assurance director report is to provide transparency and insight into:
- The company's audit and assurance arrangements.
- The effectiveness of the external audit process.
- The independence and objectivity of the auditor.
2. Content Requirements
The audit and assurance director report should include the following information, where applicable:
2.1 Information about the Auditor
The report must identify the external auditor and include:
- The name of the audit firm.
- The period for which the auditor has been appointed.
- A statement on the independence of the auditor.
2.2 Overview of the Audit Process
The report should describe the key elements of the audit process, including:
- How the audit committee oversees the external audit.
- The scope of the audit, including any significant areas of risk or judgment identified by the auditor.
- The approach to materiality adopted by the auditor.
2.3 Other Assurance Engagements
Where the company undertakes other assurance engagements (e.g., sustainability reporting assurance), the report should:
- Identify the nature of these engagements.
- State the assurance provider.
- Explain how the board oversees these engagements.
3. Best Practice Recommendations
While the primary focus is on compliance, companies are encouraged to go beyond minimum requirements to enhance transparency and provide meaningful insights.
3.1 Linkage to Strategic Objectives
Consider how the audit and assurance arrangements support the company's strategic objectives and risk management framework.
3.2 Engagement with Stakeholders
Explain how the company engages with stakeholders on audit and assurance matters, including feedback mechanisms and actions taken in response.
3.3 Future Outlook
Provide a forward-looking perspective on audit and assurance, including any planned changes, new technologies, or emerging risks.
4. Financial Reporting Council (FRC) Expectations
The FRC monitors compliance with reporting requirements and provides guidance to promote high-quality corporate reporting.
4.1 Role of the Audit Committee
The FRC expects a robust and effective audit committee that actively engages with the auditor and critically assesses audit quality.
4.2 Transparency and Clarity
Reports should be clear, concise, and easy for stakeholders to understand. Avoid boilerplate language and focus on company-specific information.
Appendices
Appendix A: Glossary of Terms
- PIE: Public Interest Entity
- FRC: Financial Reporting Council
- Companies Act 2006: The primary legislation governing companies in the UK.
This guidance is subject to ongoing review by the Financial Reporting Council. For the latest updates, please refer to the FRC website.
Financial Reporting Council
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This document has been prepared by the FRC to assist directors in preparing their audit and assurance director reports. It is based on current requirements and best practices. ↩
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The FRC reserves the right to amend this guidance as necessary in response to changes in legislation or reporting standards. ↩