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Plan 2009/10

Financial Reporting Council

The Financial Reporting Council is the UK's independent regulator responsible for promoting confidence in corporate reporting and governance. In pursuing this aim we contribute towards the achievement of the following outcomes:

Corporate governance - UK companies with a primary listing in the UK are led in a way which facilitates entrepreneurial success and the management of risk.

Corporate reporting - Corporate reports contain information which is relevant, reliable, understandable and comparable, and are useful for decision-making, including stewardship decisions.

Auditing and related services - Users of audit reports can place a high degree of reliance on the audit opinion, including whether financial statements show a true and fair view, and users of audit-related services can place an appropriate degree of reliance on the reports provided.

Actuarial practice - Users of actuarial information can place a high degree of reliance on its relevance, transparency of assumptions, completeness and comprehensibility.

Professionalism of accountants and actuaries - Clients and employers of professionally qualified accountants and actuaries and of accountancy and actuarial firms can rely on them to act with integrity and competence, having regard to the public interest.

The FRC has also made commitments about its own Effectiveness - An effective, accountable and independent regulator, operating in the public interest and actively helping to shape UK, and to influence EU and global, approaches to corporate reporting and governance.

The decision-making bodies are the FRC Board and the Operating Bodies:

The Accounting Standards Board issues accounting standards for the UK and Ireland but, with the move to IFRS, is increasingly focussed on influencing the setting of standards by the IASB.

The Auditing Practices Board issues standards and guidance for auditing, for the work of reporting accountants in connection with investment circulars, and for auditors' integrity, objectivity and independence. It influences the setting of international standards on auditing by the IAASB.

The Board for Actuarial Standards sets technical standards for actuarial practice.

The Professional Oversight Board provides independent oversight of the regulation of accountants and actuaries by their respective professional bodies. It provides statutory oversight of the regulation of the auditing profession by the recognised supervisory and qualifying bodies, and monitors, through the Audit Inspection Unit, the quality of the auditing function in relation to economically significant entities.

The Financial Reporting Review Panel reviews company accounts for compliance with the law and accounting standards.

The Accountancy and Actuarial Discipline Board is the independent investigative and disciplinary body for accountants and actuaries in the UK.

The Executive, led by the CEO, provides support to the Board and to the Operating Bodies.

The following supporting information is available from our website at: http://www.frc.org.uk/about/plans.cfm Section A: Risk assessments and work programme 2009/10 Section B: 2009/10 budget

1. Introduction

The Financial Reporting Council is the UK's independent regulator responsible for promoting confidence in corporate reporting and governance.

We promote high standards of corporate governance through the Combined Code, but do not monitor or enforce its implementation by individual boards. We set standards for auditing and actuarial practice and for specific aspects of financial accounting. We monitor and enforce accounting and auditing standards for listed and other major public interest entities. We also oversee the regulatory activities of the accountancy and actuarial professional bodies and operate independent disciplinary arrangements for public interest cases involving accountants and actuaries.

This paper sets out our Plan for 2009/10. It is based on our Regulatory Strategy which explains our role, responsibilities, governance and accountability. The Strategy sets out our regulatory approach and our approach to setting our priorities, which is based on our Strategic Framework. The Framework defines the outcomes which we believe that we and our stakeholders should be working towards to promote confidence in corporate reporting and governance in the UK. The Regulatory Strategy was updated in April 2009 and is available on our website at http://www.frc.org.uk/about.

The tougher economic conditions mean that the risks to confidence in corporate reporting and governance are higher than they have been for some years. We recognise that implementing high standards of reporting and governance is more difficult in times of economic stress but in our view it is vital when the number and size of corporate failures are likely to increase. We believe that the risk of failure is likely to be higher for organisations which do not implement high standards of governance, do not apply strong internal controls, and do not keep the market adequately informed about business activities, risks and uncertainties through their financial statements and other reports.

In 2008/09 we issued updates for audit committees, preparers and actuaries on the key questions they might need to address. In 2009/10, the FRC will continue to review and raise awareness of the risks and issue further updates as necessary. We will review market practices in accounting and auditing, and take enforcement action where appropriate. We will consider the impact of our standards in the light of the tougher economic conditions and will, in particular, review the content and application of the Combined Code.

In preparing our Plan in this period of heightened risk, we have sought to take into consideration both the impact of current economic conditions and the medium-term issues affecting corporate reporting and governance, recognising the uncertainty surrounding both the short and medium terms. The Plan reflects our stakeholders' comments on the judgements we have made about our priorities for 2009/10 and on our medium-term priorities.

We will continue to operate on the basis of our commitment to the principles of good regulation. We have been able to identify modest reductions in the total amount which we need to raise from our levy payers compared to the initial proposals which we published in December 2008. Our budget will result in an increase of 5% in our core operating costs in relation to corporate governance, reporting and accounting to £12.5m compared to £11.9m in 2008/09. We have increased our contingency allowance to £0.5m in 2009/10, from £0.3m in 2008/09, to provide an additional degree of flexibility to respond to the heightened risks in confidence in corporate reporting and governance. In relation to actuarial standards and regulation, core operating costs will increase by 4% to £2.3m compared to £2.2m in 2008/09.

We will implement our revised funding arrangements which we consulted on last year. We will publish our finalised levies for 2009/10 in May 2009.

Signature of Chris Hogg Sir Christopher Hogg, Chair

Signature of Paul Boyle Paul Boyle, Chief Executive

2. Plan 2009/10

The key themes of our work in 2009/10 will be to:

Influence market participants to meet high standards of reporting and governance through a combination of measures to raise awareness of major risks, monitor corporate reporting and governance practices, and take enforcement action where appropriate.
Influence legislators and international standard setters to encourage a proportionate and principles-based approach which promotes high standards of corporate reporting and governance.
Influence international regulatory authorities to encourage effective co-operation.

2.1 Major risks and activities and projects in 2009/10

In developing our annual Plan we focus on the major risks to confidence in corporate reporting and governance based on our assessment of the likelihood that they may materialise and their potential impact. Our planned major activities and projects represent our response to these risks and are intended to make a targeted and proportionate contribution to the achievement of confidence in corporate reporting and governance, taking into account the role of market participants and other agencies.

We recognise that current tougher economic conditions have significantly increased the corporate reporting and governance challenges for boards, preparers of accounts, auditors and actuaries, and that we are publishing our Plan for 2009/10 during a period of volatility in the markets and increased uncertainty in the economy. During this period, risks to confidence in corporate reporting and governance are inevitably heightened.

Table 1 on page 3 summarises what we believe to be the most significant risks arising directly from current conditions and our related major activities and projects for 2009/10. The risks relate to the implementation of high standards of reporting and governance by boards, preparers, auditors, accountants and actuaries. We will keep under review the implications of tougher conditions in implementing these activities and projects. We recognise the potential need for flexibility in our work plan to take account of emerging issues as they arise.

There are a number of significant risks to confidence in corporate reporting and governance which do not arise directly from the tougher economic conditions, but some of which are heightened by these conditions. Table 2 on pages 4-6 summarises what we believe to be the other major risks to confidence in corporate reporting and governance. The two most significant of these risks are the risks to achieving the goal of an effective set of global accounting standards, and the risks arising from the high level of concentration in the audit market. We have shown additional risks which may emerge beyond 2009/10 and how they may be relevant to planning future activities and projects.

We believe that effective action will be taken to respond to most of the risks we have identified. However, there is in our view one significant risk, arising from the high degree of concentration in the audit market, which – although progress is being made to address it – is likely to remain significant in the medium to long term.

| Risks | FRC's major activities and projects | | 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