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Disclosure Log 2024

DISCLOSURE LOG- FOIA Requests

11/12/2024

Nature of request

I'm reaching out because I'd like to file an FOI request for the following: I would like to see all the information you have from the past year (from November 1 to the most recent date) regarding "Unilever" and "ice cream" or "sale" or "listing" or "brands" or "assets"

Response

The FRC may hold the information requested but estimates that establishing whether it holds the information will exceed the cost limit set out in the Freedom of Information and Data Protection (Appropriate Limit and Fees) Regulations 2004 ("the Fees Regulations"). Therefore, Section 12 (Cost of compliance exceeds appropriate limit) of the FOIA applies and the FRC is not obliged to comply with your request for information.

03/12/2024

Nature of request

The FRC has been in receipt of email communications from me that include a summary of the #EnergyFraud campaign that seeks to hold to account energy companies and their regulator, Ofgem, for the concealment of IT bugs and data integrity issues within consumer billing systems (since at least 2017), and the unlawful pursuit of payment of debt that the energy companies knew or ought to have known not to be owed.

The evidence, that includes reference to energy companies' annual audit statements, suggests that reports of significant billing systems' data integrity issues have been withheld or concealed from or by the auditors. As a consultant Chief Information Officer, my communications with the FRC included the provision of a number of suggested investigative lines of inquiry that were focused on providing the FRC with an investigative brief.

The FRC has also received from me a copy of my letter (12.07.24) to the Secretary of State (DESNZ) in which the investigative brief in further expounded, along with a summary of the severe harm caused to a volume of vulnerable and disabled energy consumers by the energy companies harassing and fraudulent actions. The evidence suggests a similar IT bugs and data integrity scenario to the Post Office scandal but on a larger scale.

Relevant documents may be accessed in the 'Updates' section of the #EnergyFraud petition at http://www.change.org/energyfraud

Please provide sight of records related to my correspondence, to include: any relevant FRC logs, investigations, decisions, audit trails; and related communications made by the FRC with third parties, to include Ofgem, police, government departments and ministers. The response should exclude any emails from the FRC already in my possession.

Response

We have understood your request as asking for records that relate to your correspondence, not to any records that may be held in respect of the issues raised by the documents accessible at the link you provided.

We confirm the FRC holds records relating to your correspondence.

Please find attached at Annex A, the information/ records within the scope of your request to which the FRC does not consider an exemption applies.

We are withholding or redacting certain information or records that are within the scope of your request. This is because we consider one or more of the following exemptions applies:

  1. Information exempt pursuant to section 40 of FOIA. This is because some of the information requested constitutes personal data and its disclosure would contravene section 40 of FOIA, and data protection law;
  2. Information, or document(s), exempt pursuant to section 31 of FOIA. This is because disclosure would, or would be likely to, prejudice the exercise by the FRC of its functions. In this case, the function of ascertaining whether circumstances that justify regulatory action in pursuance of any enactment exist or may arise; and
  3. The Information, or document(s), exempt pursuant to section 42(1) of FOIA because it attracts Legal Professional Privilege.

Where the application of redactions in a document were so extensive that disclosure of the document was considered not to serve any practical purpose because it would not further the objectives of accountability, those documents have also been withheld.

For further information on the application of these exemptions please see Annex B.

06/11/2024

Nature of request

I would like to make an FOI request to the FRC to identify the Local Authority involved in this story published in April 2024.

I believe it is the Public Interest for the FRC to now confirm which local council was involved in this pension fund audit which led to you fining Grant Thornton £40,000

https://www.accountancyage.com/2024/04/08/frc-fines-grant-thornton-40000-for-pension-fund-audit/

Response

We confirm we hold the information that has been requested.

The requested information is exempt from disclosure as it concerns the FRC's local audit functions. We consider that section 33 (information on public audit functions) of FOIA applies as disclosure of this information would, or would be likely to, prejudice the FRC's functions in relation to the audit of other public authorities' accounts. For a detailed explanation of why this exemption applies, please refer to Annex A below.

05/11/2024

Nature of request

  1. Do you use a social media management platform?
  2. If so, what tools do you use?
  3. What is your annual spend on a Social media management tool?
  4. What dates does your contract with your current supplier end (month & year)?
  5. Do you use a social listening / media monitoring platform?
  6. If so, what tools do you use?
  7. What is your annual spend on a social listening / media monitoring tool?
  8. What dates does your contract with your current supplier end (month & year)
  9. Who is the senior person responsible for managing these contracts?

Response

  1. Yes.
  2. Hootsuite.
  3. £3,585.60. The pricing for Hootsuite can be found on the Hootsuite website at the link below: https://www.hootsuite.com/plans?utm_campaign=all-alwayson-none-glo-none---puasearch_sitelink_plans_na_na_na----&utm_source=google&utm_medium=cpc&utm_content=&msclkid=b6b94a800e851c8e3dd12da4f68e6ee7
  4. October 2025.
  5. Yes, we use a media monitoring programme.
  6. Early Morning Media.
  7. This information is exempt from disclosure under s 43(2) of the Freedom of Information Act 2000 (Commercial Interests). Release of this information would be likely to prejudice the commercial interests of both the FRC and Early Morning Media. An explanation of why we consider this exemption to apply can be found in Annex A below.
  8. November 2024, further details can be found here: https://www.contractsfinder.service.gov.uk/Notice/585cb0a4-7bc5-4e3b-9369-76dd64e79e7e.
  9. This information is exempt from disclosure under s 40 of the Freedom of Information Act 2000 (Personal Information). The information you requested contains personal data. More information on the application of this exemption is set out in Annex A below.

05/11/2024

Nature of request

  1. Can you please explain why a FRC representative attended meetings at the Actuarial Association of Europe, AAE, recently, with regards to amending the AAE Mutual Recognition Agreement (MRA) in order to facilitate IFoA's return to the MRA on a lower level - Chartered or Associate, compared to previously Fellowship?

Response

Request one We do not hold the information requested.

30/09/2024

Nature of request

  1. Can you explain the role of the FRC in coming up with this legal "solution" and also explain why FRC refused to engage on concerns and complaints on the AAE MRA for the last 5 years?
  2. Can you explain why concerns about practicing certificates given to those who had obtained Fellowship via the previous MRA, when in Europe they don't have a Fellowship equivalent, was never explored by FRC?

Split by year, type of firm/company or Accountants, accountancy firms and actuaries of the investigations and enforcement cases opened and concluded how many included an element of ESG?

Please can I request the following broken down into annual year, type of company/firm (accountant, actuary, bank etc.), and reason for action since 2021:

  • The number of companies you have written to in respect of their TCFD disclosures

Response

By way of explanation as to why we do not hold the information requested, no FRC representative attended either the AAE Spring Meeting held between 16th - 19th April 2024 or the 47th AAE Annual Meeting held between 9th - 11th October 2024.

FRC representatives attended the 46th Annual AAE Meeting held between 4th - 6th October 2023 as observers. At this meeting, the Mutual Recognition Agreement with IFOA was discussed in the General Assembly. The FRC did not contribute to this discussion.

Request two

The FRC was not involved in "coming up with this legal solution". Consequently, it does not hold the information requested in the first part of this request.

In response to your question "why FRC refused to engage on concerns and complaints on the AAE MRA for the last 5 years?", the AAE MRA is outside the scope of the FRC's remit and it is unable to take action in respect of it. The FRC have received one complaint relevant to your request and provided a response to that complaint.

Regarding complaints received directly from yourself to the FRC, in the five years between October 2019 and October 2021, the FRC provided you with responses on the:

  • 12th November 2019;
  • 30th October 2020;
  • 29th January 2021; and
  • 26th April 2021.

On 5th October 2021 you were advised by letter that the FRC had invoked its Unreasonable Complaints and Communication Policy. You were advised in that letter that any further correspondence from yourself to the FRC would go unanswered.

Request three

As explained in the response to the first part of your second request, the AAE MRA is outside the scope of the FRC's remit. We do not hold the information requested.

In response to your request for information relating to "the investigations and enforcement cases opened and concluded how many included an element of ESG?", the FRC's response is 'none'.

The tables below respond to the other aspect of your request and provide a breakdown of the number of companies the FRC has written to in respect of:

i. their TCFD disclosures; ii. how their climate change targets have been taken into account in the preparation of the financial statements disclosures; and

  • The number of companies you have written to in respect of how their climate change targets have been taken into account in the preparation of their financial statements disclosures
  • The number of companies you have referred to the FCA under the FCA's PMB 36/technical note 801.1 in respect of their TCFD disclosures

Response (continued)

iii. the FRC has referred to the FCA under their PMB 36/technical note 801.1 in respect of TCFD disclosures.

The information provided is based upon an annual review period commencing 1 April each year (e.g. for 2022 the period is 1/4/2022 to 31/3/2023) and, in all cases, the reason for action was a potential failure to comply with listing rules.

TYPE OF COMPANY 2021 2022 2023 2024 TOTAL
Automobile and parts 2 2
Banks 1 5 6
Chemicals 1 1 2
Construction and materials 7 6 13
Consumer products and services 13 4 17
Financial services 7 7 14
Food, beverage and tobacco 2 3 5
Healthcare 1 1
Industrial goods and services 14 12 2 28
Industrial metals and mining 2 1 3
Insurance 1 1
Investment trust 5 5
Media 1 1
Oil, gas and coal 2 6 8
Pharmaceuticals and biotechnology 3 1 4
Precious metals and mining 3 1 4
Real estate 1 1
Technology and telecommunications 1 4 1 1 7
Travel and leisure 1 7 8
Utilities 4 8
Total 1 71 62 4 138

Response (continued)

Climate change targets taken into account in the preparation of financial statements disclosures

TYPE OF COMPANY 2021 2022 2023 2024 TOTAL
Banks 1 1
Construction and materials 1 1
Real estate 1 1
Travel and leisure 1 1
Total 1 1 2 0 4

FCA referrals under PMB 36/technical note 801.1 in respect of TCFD disclosures

TYPE OF COMPANY 2021 2022 2023 2024 TOTAL
Automobile and parts 2 2
Banks 1 5 6
Chemicals 1 1 2
Construction and materials 7 6 13
Consumer products and services 13 4 17
Financial services 7 7 14
Food, beverage and tobacco 2 3 5
Healthcare 1 1
Industrial goods and services 14 12 2 28
Industrial metals and mining 2 1 3
Insurance 1 1
Investment trust 5 5
Media 1 1
Oil, gas and coal 3 6 9
Pharmaceuticals and biotechnology 3 1 4
Precious metals and mining 3 1 4
Real estate 1 1

17/09/2024

Nature of request

In your initial email, dated 6 August 2024, you requested:

Information concerning the decision to replace "Guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks issued in 2016" with the Exposure Draft published on 5 August 2024. In particular any involvement or reference to any of these parties: HM Treasury, the Department of Business and Trade, the Capital Markets Industry Taskforce (CMIT), the London Stock Exchange.

"Information includes", email, papers, handwritten notes, minutes of meetings, notes of telephone calls, WhatsApp and similar messages.

In response to emails sent by the FRC on 12 and 16 August 2024, on 19 August 2024, you clarified this request, asking for:

  • Information regarding communications with the HM Treasury, the Department of Business and Trade, the Capital Markets Industry Taskforce (CMIT), the London Stock Exchange in relation to the potential replacement of the Guidance, as set out in the consultation document;
  • information in respect of the decision to consult on the replacement of the Guidance.

Response

In considering your request we have taken 'information' as including emails, papers, handwritten notes, minutes of meetings, notes of telephone calls, WhatsApp, and similar messages.

We have taken your references to 'the Guidance' as references to "The Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risk" ("the Guidance"), issued in 2016, and have dealt with your request accordingly.

We have taken your reference to 'the consultation document' as a reference to the "Guidance on the Going Concern Basis of Accounting and Related Reporting (including Solvency and Liquidity Risk) Exposure Draft" published by the FRC on 5 August 2024 ("the Exposure Draft").

Communication with listed third parties We confirm that we do not hold information regarding communications with the HM Treasury, Department for Business and Trade, the Capital Markets Industry Taskforce, or the London Stock Exchange in relation to the potential replacement of the Guidance, as set out in the Exposure Draft.

Decision to consult In response to your request for information in respect of the decision to consult on the proposed replacement of the Guidance, we confirm that we hold the following information:

  1. The following extract of a draft internal FRC paper, prepared in November 2023, which related to the withdrawn draft statutory instrument ("SI") The Companies (Strategic Report and Directors' Report) (Amendment) Regulations 2023:

"Before the draft Sl was withdrawn, we had planned to launch a public consultation on our guidance [on corporate reporting] in early 2024 with a view to publishing final guidance in late 2024 ahead of the 1 January 2025 initial proposed effective date of the draft SI. This timing was also intended to align with the proposed effective date of the revised Code.

Following the withdrawal of the SI, those dates are no longer directly relevant, although it could be helpful to issue updated guidance on going concern assessments in time for the effective date of the revised Code [the UK Corporate Governance Code] since we expect Code guidance to refer to it. We could develop this guidance for a consultation launched during the first half of 2024 with final guidance published later in 2024 or early 2025."

"As set out above, our existing guidance [on corporate reporting] is due for review in line with the requirement to review it at least every five years and we are still considering different options for the nature, extent and timing of updates to it."

Response (continued)

  1. "We are considering and applying the FRC's Principles for the development of Codes, Standards and Guidance and Framework for developing Standards, Statements of Practice, Codes and Guidance. Consultation on guidance is not mandatory under the Framework, but we intend to conduct both informal stakeholder outreach and a formal public consultation for any substantive updates to guidance. This is to ensure the guidance [on corporate reporting] meets stakeholder needs and because we are performing a comprehensive review of our existing guidance in line with the requirement to review it at least every five years."

The following extracts of an internal FRC paper, dated May 2024, about the Exposure Draft:

"The Exposure Draft is planned to be published in June 2024 and will be open for a 12-week consultation period."

"We have applied and complied with the FRC's Principles for the development of Codes, Standards and Guidance and Framework for developing Standards, Statements of Practice, Codes and Guidance. Consultation on guidance is not mandatory under the Framework, but we intend to conduct a formal public consultation to ensure the Guidance meets stakeholder needs because this is a comprehensive review of the existing guidance and the scope has been extended to Code companies. We have consulted on previous editions of guidance on these topics, which generated substantial stakeholder interest."

  1. The following extract of an internal FRC paper, dated June 2024, about the Exposure Draft:

"We ask for the Executive Committee to approve the Exposure Draft for publication which we expect would involve a 12-week public consultation after the election (timing to be advised by SECA). Our target has been to publish the final guidance after consultation by the end of 2024, or as early as possible in 2025, so that it is available in good time for reporting on periods beginning on or after 1 January 2025 and 2026, in line with the effective dates of the 2024 Corporate Governance Code and certain changes to accounting standards referenced in the Guidance."

  1. Following the internal paper to the Executive Committee, dated June 2024, the FRC approved the publication of the Exposure Draft.

Assistance

It may assist you to know that the FRC process and framework documents (referred to with links in the extracts above), and the Regulatory Standards and Codes procedures (found here) set out how the FRC will develop and consult on guidance in line with the Regulators' Code and other relevant principles. Consultation on guidance is optional and depends on the nature of material being developed.

The Guidance was due for periodic review - all FRC guidance is re-considered at least once every five years - and was identified as needing updates in several areas to reflect changes to accounting standards, auditing standards and the UK Corporate Governance Code and other developments.

The FRC decided to consult on the updates to the Guidance for the reasons set out in the first extract, set out above.

16/09/2024

Nature of request

I note a contact on your tender portal for a board performance review that ended in June 2024.

Please provide the results of the review.

Response

The FRC holds the information you have requested.

The FRC's Annual Report and Financial Statements for the year ended 31 March 2024 ("Annual Report") publishes, at page 71, details relating to the Board Performance Review which includes conclusions from the review. The Annual Report can be found at the following link:

FRC Annual Report and Financial Statements 23-24

To the extent your request is seeking unpublished information contained within the final report from the supplier that facilitated the Board Performance Review ("the final report"), we are unable to disclose the information requested as it is information that has been provided to the FRC in confidence. Therefore, we consider that section 41 of FOIA applies. For a detailed explanation of why this exemption applies, please refer to Annex A below.

12/09/2024

Nature of request

Please could you share with me the 2016 edition of "Key Facts and Trends in the Accountancy Profession". This year appears to be missing from the website, where other editions are published (https://www.frc.org.uk/library/supervision/professional-bodies-supervision/key-facts-and-trends-in-the-accountancy-profession/), but is referenced in articles and other literature.

Please could you also state any recorded or otherwise known reasons as to why this publication is not available online anymore?

Response

The 2016 edition of 'Key Facts and Trends in the Accountancy Profession' is available on the FRC's website at the following web page: https://www.frc.org.uk/library/supervision/professional-bodies-supervision/key-facts-and-trends-in-the-accountancy-profession/

The document was temporarily unavailable due to a technical error which occurred when documents were migrated to the FRC's new website.

29/08/2024

Nature of request

1Whether you have a dedicated Data Sharing Advisory central team or department that gives advice to your organisation on the organisation's Data Sharing responsibilities, relating to both personal and corporate data sharing agreements (DSAs) and Memoradum [sic] of Understanding (MOU's) for the sharing of bulk and individual data?

1.1 If so what is the name of the team or department?

Response

Using the numbering from your query, our response is as follows:

1The Financial Reporting Council (FRC) has an in-house legal team. One of its functions is to advise the FRC on its data sharing responsibilities relating to both personal and corporate data sharing agreements and responsibilities and related Memoranda of Understanding (MoU).

1.1 The team is called the General Counsel Team (GCT).

1.2 Please clarify whether it is a team or department?

2If the answer to question 1 is yes, how many staff members are part of the Data Sharing team or department, including senior staff members, such as Director level and heads of departments?

3If the answer to question 1 is yes, how much does it cost to run the team or department (please breakdown the costs into categories, such as an aggregate amount for salaries, IT costs etc)?

4What type of data sharing mechanism does your organisation use to share data with external organisations? Such as via encrypted email, dedicated data sharing platform (please name this if applicable).

5If the answer to question 1 is yes, how long has the team being in situ?

6If the answer to question 1 is NO, do you have plans to put in place a designated data sharing advice team for your organisation in the future?

7If the answer to question 6 is yes, please explain what has prompted the decision?

8If the answer to question 6 is yes, within what time frame do you anticipate setting up the data sharing team or department? A. Within 3 - 6 months, 6 - 9 months or 9 months +?

9Does your organisation routinely conduct audits of the DSAs and MOUs within the organisation to ensure they are compliant with the organisation's regulatory and legal duties?

10If the answer to question 9 is yes, a. How often are the audits conducted? And b. Are the audits conducted i. Internally, ii. externally or iii. both internally and externally?

10.1 if the answer is no to question 9, why not?

Response (continued)

1.2 It is a team.

2Including senior staff members (e.g. Directors or heads of department), there are 15 individuals involved with providing advice to the FRC in respect of data sharing. As noted above, advising on data sharing matters is only one of the team's functions.

3Please find below a breakdown of GCT's budget for the period April 2024 to March 2025. The staff salary costs have been adjusted to incorporate the 15 individuals referred to in our response to question 2.

Description Budget
Staff salary 1,485,163
Travel and subsistence expenses 500
Books and publishing1 7,416
Legal fees2 235,000
Professional fees3 2,900
Other office costs4 3,500
Total 1,734,479

Please note: This table covers the costs of GCT across all of its functions. The FRC does not hold information solely identifying the cost of its in-house data sharing advisory function.

4The FRC uses SharePoint, OneDrive and encrypted emails to share data with external organisations. The FRC may also use another organisation's dedicated data transfer portal.

5The GCT was formed in March 2020. Prior to that date its data sharing advisory function was performed by the FRC's Governance and Legal Team.

6This is not applicable.

7This is not applicable.

8This is not applicable.

9The FRC does not routinely conduct 'audits' of data sharing agreements and MoUs.

10This is not applicable.

10.1 The FRC reviews its data sharing agreements and MoUs for legal and regulatory compliance when they are first executed. They will then be reviewed for compliance whenever: (a) there is a change in the UK's legal or regulatory regime that applies to a data sharing agreement or MoU; and (b) when the FRC is aware of a change to the legal or regulatory regime which impacts a data sharing agreement or MoU between the FRC and a party based outside of the UK. In addition, data sharing agreements and MoUs are regularly reviewed to ensure they remain 'fit for purpose' in relation to any proposed data sharing that places reliance upon an MoU or data sharing agreement.

22/08/2024

Nature of request

Please may you disclose the total spend incurred by the FRC in the investigations into the audits of Carillion PLC, namely the investigation(s) that resulted in sanctions imposed on KPMG LLP, KPMG Audit Plc, and the former audit partners.

For the avoidance of doubt, the spend/costs information sought pertains to:

  1. The first Decision Notice ("Decision 1") relating to the investigation opened on 26 January 2018 into the statutory audit of the financial statements of Carillion for the financial years ended 31 December 2014, 2015, and 2016, and additional audit work in 2017.
  2. The second Decision Notice ("Decision 2") relates to the investigation opened on 12 February 2019 into the statutory audit of certain transactions relating to the financial statements of Carillion for the financial year ended 31 December 2013.

Response

The total spend incurred by the FRC for the investigations into the audits of Carillion Plc was £5,324,365.68.

This information is in the public domain. It can be found at paragraph 212, page 49 of the Final Settlement Decision Notice relating to the statutory audit of the financial statements of Carillion for the financial years ended 31 December 2014, 2015, and 2016 ("FSDN").

The FSDN can be found on the FRC Website, here:

https://www.frc.org.uk/news-and-events/news/2024/05/publication-of-final-settlement-decision-notices-in-respect-of-kpmg-and-two-former-partners/

20/08/2024

Nature of request

The Annual Key Facts and Trends in Accountancy report provides gender split of members/students by professional body worldwide. Is it possible to isolate the percentage of female members and students by professional accounting body for UK and ROI from 2001 - 2022.

Response

We confirm that the FRC does not hold the information you have requested.

02/08/2024

Nature of request

I'm writing to request further information on the impact of recent global technology issues on the FRC. Please provide copies of any staff memos sent regarding the CrowdStrike outage of 19 July.

Response

We confirm the FRC does not hold the information you have requested.

12/07/2024

Nature of request

From the analyses of the 443 staff on page 48 in your 22/23 Report and Accounts, please provide a breakdown of staff by number within employment categories. tPR [sic] provided this information (male numbers and female numbers) to me by the following categories: Finance, Investment Consultancy, Business Analysis (case), Actuarial, IT, Data, Regulatory Transactions, Procurement and Facilities, Personal Assistants, HR, Customer Support. I understand that your groupings may differ, but clearly, the closer to the above groups you can provide the information, the more useful it will be. You have published age, gender, and ethnicity data - disability data within categories would also be useful.

Second email: Following my request earlier today, please provide the information for each of the last five year if that is possible.

Response

We have understood your request as asking for a breakdown of staff by reference to the FRC's employment categories. If possible, you would like the requested information presented by reference to the categories used by the TPR. The information has been requested in respect of the last 5 financial years, commencing with the 2022/2023 financial year. Our response under FOIA

We confirm that the FRC holds the information you have requested, although the FRC does not use TPR employment categories and is not aware of how those categories are applied by the TPR to its staff. Please find the requested information in Annex A. This information is being provided by reference to the FRC's internal grouping of staff. Those groups are: actuarial; audit & accountancy; audit & accountancy (Information Technology); audit & accountancy (Financial Services); forensic accountants; personal assistants; legal; and "all jobs."

In light of your request, according to which the requested information would be more useful to you if it can be presented by reference to TPR categories, information relating to human resources, data analysts, finance, facilities, IT, and procurement has been separately extracted. The remaining roles within the "all jobs" category are roles that we consider could not be included in any of the categories you provided. The identification, collation and extraction of information relating to human resources, data analysts, finance, facilities, IT and procurement was a time intensive task. Finally, please be aware that some of the categories mentioned in your request do not exist in the FRC or may have only existed in some of the period covered by your request.

We are withholding the information marked with an 'X' in Annex A because it is considered exempt pursuant to section 40 of FOIA. This is because the information requested constitutes personal data and its disclosure would contravene section 40 of FOIA. Further information on the application of this exemption can be found in Annex B.

12/07/2024

Nature of request

I am writing to request further information about the FRC's potential forthcoming office move.

Please provide the following: - copies of any meeting minutes at which a potential move has been discussed. - any cost benefit analyses or similar assessments of potential locations. - any headcount or cost predictions on which a potential decision is relying.

Response

We confirm that we hold the information you have requested.

We are withholding the information you have requested because it is considered to be exempt pursuant to section 36 or section 43 of the Act. This is because disclosure of the information is considered to, or to be likely to, prejudice:

  1. the effective conduct of public affairs; or
  2. the FRC's commercial interests.

For additional information on why these exemptions are considered to apply, please see Annex A.

08/07/2024

Nature of request

I am seeking a copy of the responses to the FRC consultation in 2023 on actuarial standard Pensions TAS 300 that were not published on the FRC website.

Response

We confirm we hold the information you have requested.

We are unable to disclose the information you have requested as it is information that has been provided to the FRC in confidence. We consider that the exemption in section 41 of FOIA (Information provided in confidence) applies. For a detailed explanation of why this exemption applies, please refer to Annex A below.

04/07/2024

Nature of request

Under the Freedom of Information Act, for the tax years 2014/15 to 2022/23 inclusive, please would you please fully disclose the following details, breaking the figures by year:

  1. How much revenue has been received by your organisation for services rendered to film and television productions? This could include location rental, permits and all other services related to film productions using your personnel or resources.
  2. Please outline the type of work or service rendered, in each case and disclose the revenue received for each type of service.
  3. How much has your organisation spent on facilitating such arrangements between 2014/15 to 2022/23, inclusive, broken down by year?

Response

We confirm the FRC does not hold the information you have requested.

01/07/2024

Nature of request

  1. How are facilities management services (hard FM, soft FM or TFM) handled across your estates?
  2. If any services are outsourced, which services and to which suppliers?
  3. What are the start dates and durations of these contracts, including the end date, and which services are included in each?
  4. What are the values of the contracts?
  5. Is there an extension clause in the contract(s) and if so, what is the duration of the extension?
  6. Has a decision been made yet on whether the contract(s) is being either extended or renewed?
  7. What is the job title of the senior officer (outside of procurement) responsible for the contract(s)?
  8. Do you utilise any outsourced helpdesk or FM integrator services? If so, with which supplier(s)?
  9. Which software solution(s) are used to manage your corporate property/assets including facilities management (CAFM)?

Response

We will respond using the same numbering used above.

1The FRC operates a maintenance management model to handle its management services which includes various Hard & Soft Facilities Management contractors.

2&3Our response to your second and third questions are as per the table below.

Supplier Services included Contract Start Date Contract End Date Contract Duration
IM Mechanical & Electrical Services Ltd Electrical maintenance work. 2017 Information not held. Contract continues until terminated by notice.
J Munro Property Maintenance Ltd Maintenance. Information not held Information not held. Contract continues until terminated by notice.
Coopers Fire Limited Inspection and servicing of fire and smoke curtains. 15/11/2021 Information not held. Contract continues until terminated by notice.
Style Door Systems Ltd Sliding Door Servicing. 31/03/2023 Information not held. Contract continues until terminated by notice.
London City Fire (UK) Ltd Fire Extinguisher inspection, servicing and certification. Information not held Information not held. Contract continues until terminated by notice.
Universal Security Systems Ltd Security services. 13 June 2021 Information not held. Contract continues until terminated by notice.
Senseco Gas suppression system services. June 2014 Information not held. Contract continues until terminated by notice.
Shiners Cleaning Cleaning services. 2004 Information not held. Contract continues until terminated by notice.
Shred on Site Limited Shredding services. 2014 Information not held. Contract continues until terminated by notice.
Oasis Group Offsite storage. 2017 Information not held. Contract continues until terminated by notice.
Banner Group Limited Stationery. 17/03/2017 Information not held. Contract continues until terminated by notice.
Exubia Limited Office Plants. July 2014 Information not held. Contract continues until terminated by notice.
Selecta-Express Vending Limited Vending. 01/06/2017 Information not held. Contract continues until terminated by notice.
Absolutely Courier. Information not held. Information not held. Contract continues until terminated by notice.
Fruitful Office Ltd Fresh fruit. 2009 Information not held. Contract continues until terminated by notice.
Quadient UK Ltd Franking. 01/07/2022 31/07/2025 3years

4The FRC holds this information however, we consider that the values of the contracts are exempt from disclosure under Section 43 (Commercial Interests) of the FOIA. We consider this exemption to apply as disclosure of this information would, or would be likely to, prejudice the commercial interests of the FRC. A detailed explanation of why we consider the above exemption applies can be found in Annex A below.

5There are no extension clauses in the contracts.

6No, a decision has not been made.

7We are unable to disclose the requested information as this would be disclosing personal data, to which we consider Section 40 (Personal Information) of FOIA applies. Further information on why we consider this exemption applies can be found in Annex B below.

8No, the FRC does not outsource helpdesk or FM integrator services.

9The FRC does not use any software solutions to manage its corporate property/assets.

28/06/2024

Nature of request

Please could you provide the following information under the freedom of information act covering the last 24 months, or the most recent 24-month period recorded:

  1. Has the department used agencies to recruit temporary/contractor staff? Please provide a breakdown of your answer to question 1, splitting the spend by job title/specialism.
  2. Has the department used agencies to recruit permanent staff? Please provide a breakdown of your answer to question 2, splitting the spend by job title/specialism.
  3. What frameworks do you have access to when hiring temporary/contractor staff?
  4. What frameworks do you have access to when hiring permanent staff?
  5. What recruitment managed services do you have in place for hiring temporary/contractor staff?
  6. What recruitment managed services do you have in place for hiring permanent staff?
  7. The contact name and contract details the person responsible for dealing with temporary/contractor recruitment?
  8. The contact name and contract details of the person responsible for dealing with permanent recruitment?

Response

We confirm the FRC holds the information you have requested and will respond using the same numbering used above.

1Yes. The FRC has used agencies to recruit temporary/contractor staff. A breakdown is provided in the table below:

Job title/specialism Spend
Actuarial £0
Audit & Accountant £0
Executive £0
Forensic Accountant £0
Legal £0
PA £0
All other jobs £11,383.77
Grand Total £11,383.77

2Yes. The FRC has used agencies to recruit permanent staff. A breakdown is provided in the table below:

Job title/specialism Spend
Actuarial £274,094.99
Audit & Accountant £328,009.73
Executive 143,200.40
Forensic Accountant £223,17.77
Legal £91,672.66
PA £12,063.36
All other jobs £383,065.88
Grand Total £1,254,424.79

3The FRC has access to the suppliers on its Recruitment Services Framework Agreement. It also has access to recruitment frameworks through the Crown Commercial Service.

4Please see the answer to question 3 above.

5The FRC has not used recruitment managed services in the last 24 months in respect of fixed term contracts, but rather manages this recruitment in-house. It uses the Hireserve applicant tracking software to assist with this recruitment.

6Please see the answer to question 5 above, which also applies in relation to the recruitment of permanent staff. In addition, the FRC has used services provided by suppliers on the Crown Commercial Services frameworks to assist with the permanent recruitment of Executive level staff.

7There is no single member of staff responsible for recruitment at the FRC, or whose responsibilities solely relate to recruitment. We are unable to disclose the contact details for individual members of staff in the HR team as this would involve disclosing their personal data, to which we consider section 40 (Personal Information) of FOIA applies. Further information on why we consider this exemption applies can be found in Annex A below. The FRC may be contacted regarding recruitment matters using the following email address: [email protected].

8Please see the answer to question 7 above.

25/06/2024

Nature of request

Please supply the following information for your Agency ONLY, (do not including any data on other agencies or public bodies that may report to you) for the period of 2023:

Year of Creation/Launch/Establishment? Your Annual Budget for the financial year of 2022/23? Other Revenue received but not from government? Fiscal Powers: Yes/No Regulatory Powers: Yes/No Do you sponsor other Public Bodies: Yes/No, if yes who? Number of permanent staff? Number of temporary staff (including part timers)? Number of contract staff employed, (self-employed)?

Points of clarification:

Questions 7,8 & 9 that is number employed during the financial year of 2022/23 Question 7: Permanent staff who have a contract of employment issued by your HR department including those on a fixed term contract Question 8: Temporary staff includes part timers and agency temps Question 9: Contractor staff, those who operate under an umbrella company or as a limited company and outside IR35

Response

We confirm the FRC holds the information you have requested and will respond using the same numbering used above.

1990. £59.8 million. £51million. No. Yes. No. 426. 17. 0.

17/05/2024

Nature of request

  1. Spend on Office supplies and associated products for the below financial years. 1st April 2022 - 31st March 2023 1st April 2023 - 31st March 2024
  2. Start date & duration of Contract?

Response

1The spend on office supplies and associated products for the financial years requested are as follows:

  • 1st April 2022 - 31st March 2023: £17,853.
  • 1st April 2023 - 31st March 2024: £26,707.

2The contract commenced in 2017 as a rolling contract which will continue until terminated by notice in accordance with the terms of the contract.

3There is no extension clause in the contract.

4No. The FRC will consider renewal of the contract in 2025.

5We are unable to disclose the requested information as this would be disclosing personal data, to which we consider section 40 (Personal Information) of FOIA applies. Further information on why we consider this exemption applies can be found in Annex A below.

6Banner Group Limited.

7The FRC has traded with Banner Group Limited since 2017.

8The FRC does not publish a register of contracts and purchasing. However, notification of contracts it has awarded pursuant to the Public Contracts Regulations 2015 can be found at the following link: https://www.contractsfinder.service.gov.uk.

9The FRC does not have a contract in place for Tail End Spend.

03/05/2024

Nature of request

In relation to "a press notice published by the FRC on 3 January 2024 regarding an investigation into the conduct of a Member in relation to Thurrock Council's operations and investments activities:

  1. Is the Member named Sean Clark, the former s151 officer of Thurrock Council?
  2. Was the investigation triggered by a complaint or referral from CIPFA or another professional body?"

Response

Under section 1(1)(a) of the Act, any person making a request for information to a public authority is entitled to be informed in writing by the public authority whether it holds information of the description specified in the request. In relation to both parts of your request, we hold the information requested.

The rights in section 1(1)(a) and (b) are subject to a number of exclusions and exemptions. Having considered your request, we have decided not to disclose the requested information under section 40 (personal data) and section 31 (law enforcement) of the Act. I will explain why I consider these sections to apply below.

03/05/2024

Nature of request

With reference to this article: https://www.frc.org.uk/news-and-events/news/2024/04/sanctions-against-grant-thornton-uk-llp/

Please provide me with:

Response

The FRC has understood your request for the "specific Regulatory Framework for Auditing(s) that Grant Thornton failed to comply with" as seeking confirmation on which of the different frameworks identified in the definition of 'Regulatory Framework for Auditing' in paragraph 2.1 of the Auditor Regulatory Sanctions Procedures ("ARSP") were engaged.

We confirm we hold all the information that has been requested.

We confirm that Grant Thornton failed to comply with the International Standards on Auditing (UK and Ireland).

5

27/03/2024

Nature of request

Please can you provide me with any information about -

  1. How long did it take for the company to conclude an HR investigation between - A) 1 March 2019 and 1 March 2020 B) 31 March 2020 to 31 March 2021
  2. How many times did the company outsource internal HR investigations to an external third-party HR solution or an employment law firm? This would be for the same dates - A) 1 March 2019 and 1 March 2020 B) 31 March 2020 to 31 March 2021
  3. How many people does the company employ in the HR department?

Response

We are unable to disclose the rest of the information you have requested, as the information was generated by the FRC's exercise of its functions under Schedule 10 to the Companies Act 2006 as it has effect by virtue of Schedule 5 of the Local Audit and Accountability Act 2014. We therefore consider that disclosure would, or would be likely to, prejudice the exercise by the FRC of its functions:

  1. for the purpose of ascertaining whether circumstances which would justify regulatory action in pursuance of any enactment exist or may arise; and/or
  2. the purpose of ascertaining whether any person is responsible for any conduct which is improper.

Therefore, this information is exempt from disclosure under section 31 (law enforcement) of FOIA. For a detailed explanation of why the above exemption applies, please see Annex A below.

Further, or in the alternative, we are unable to disclose the rest of the information you have requested as releasing this information would, or would be likely to, prejudice the FRC's functions in relation to the audit of other public authorities' accounts. Consequently, we consider that section 33 of FOIA applies. For a detailed explanation of why this exemption applies, please refer to Annex A below.

In response to your first question, the FRC does not hold a record of the information you have requested. The FRC did not conclude any HR investigations during either: (i) the period 1 March 2019-1 March 2020; or (ii) the period 31 March 2020 to 31 March 2021. In response to your second question, the FRC holds the requested information. The FRC did not outsource any HR investigations to third parties in either: (i) the period 1 March 2019 – 1 March 2020; nor (ii) the period 31 March 2020 to 31 March 2021. In response to your third question, the FRC holds the information you have requested. The FRC currently has 12 employees within its HR department.

22/03/2024

Nature of request

  1. Please confirm your overall spend on interpreting, translation and transcription services for the following financial years: * 2021-22 * 2022-23
  2. Who is your incumbent supplier(s) for language services? If you have more than one supplier, which services does each one provide to you?
  3. If you have a separate British Sign Language/non-spoken supplier, who is this?
  4. If you have a separate transcription supplier, who is this?
  5. Do you have any in-house interpreters/translators?
  6. When is your current language services contract(s) due to expire, a) without extensions and b) with all possible extensions?
  7. Could you please provide the name, phone number and email address of the contract manager responsible for language services?
  8. Could you please provide the name, phone number and email address of the person responsible for your language services budget?
  9. Could you please provide the following data for 2023:

Total number of face-to-face interpreting assignments (spoken language) and hours completed Total number of face-to-face interpreting assignments (non-spoken language) and hours completed Total number of telephone interpreting calls and minutes completed Total number of video interpreting calls (spoken language) and minutes completed Total number of video interpreting calls (non-spoken language) and minutes completed Total number of document translations and words translated Total number of audio transcriptions and total audio duration

  1. What were your top 20 highest-volume languages for interpreting/translation requests in 2023?
  2. Can you please provide the fill rate % you received for the following services in 2023:

Face-to-face interpreting Telephone interpreting Video interpreting Document translation Audio transcription

  1. What languages has your provider been unable to source in the last 12 months?

Response

1 2021-22: £6986.19 2022-23: £4657.80

2The FRC does not have an incumbent supplier for language services.

3The FRC does not have a separate British Sign Language/ non-spoken supplier.

4Epiq Europe Ltd

5The FRC does not have any in-house interpreters/translators.

6The FRC does not currently have a contract for language services.

7The FRC has a Procurement team which would be responsible for managing language services contracts. The Procurement team can be contacted at the following email address: [email protected]

8The FRC does not have a dedicated budget for language services and in consequence does not have a record of the requested information.

9Total number of face-to-face interpreting assignments (spoken language) and hours completed: 0 • Total number of face-to-face interpreting assignments (non-spoken language) and hours completed: 0 • Total number of telephone interpreting calls and minutes completed: 0 • Total number of video interpreting calls (spoken language) and minutes completed: 0 • Total number of video interpreting calls (non-spoken language) and minutes completed: 0 • Total number of document translations and words translated: 1 document translated. 1140 words translated. • Total number of audio transcriptions and total audio duration: 0

10In 2023, the FRC only had a requirement for Welsh translation services.

11 Face-to-face interpreting: The FRC did not receive this service in 2023 and consequently does not have a record of the requested information. • Telephone interpreting: The FRC did not receive this service in 2023 and consequently does not have a record of the requested information. • Video interpreting: The FRC did not receive this service in 2023 and consequently does not have a record of the requested information. • Document translation: 100% • Audio transcription: The FRC did not receive this service in 2023 and consequently does not have a record of record the requested information.

12The FRC does not have a provider. Consequently, it does not have a record of the information you have requested.

13Have service credits been applied on your language services contract in the last 12 months? If so, what performance failure was this linked to?

14What social value has been delivered as part of this contract in the last 12 months?

15If your contract was awarded through a tender process, can you please provide a copy of the winning bidder's tender?

16What are your contracted rates for each of the following services?

Spoken face-to-face interpreting: hourly rate Non-spoken face-to-face interpreting: hourly rate Telephone interpreting: per minute rate Spoken video interpreting: per minute rate Non-spoken video interpreting: Document translation: per word rate Audio transcription: per audio minute rate

17Has your provider of language services increased their charge rate to you in the last 12 months?

18What is the Authority's typical route to market?

19Does the Authority currently have any interpreter on wheel devices as part of their current contract? If yes please advise how many and if these are provided free of charge or paid for by the Authority.

20Could you please provide the name, phone number and email address of the person responsible for the language services budget?

21Could you please provide the name, phone number and email address of the person in charge of procurement for the Authority?

Response (continued)

13The FRC does not have a language services contract. Consequently, it does not have a record of the information you have requested.

14The FRC does not have a language services contract. Consequently, it does not have a record of the information you have requested. The FRC considered it may have a specific requirement for translation services in 2023. A contract award notice was published on 28 July 2023 in respect of the FRC's anticipated requirement for a translation services contract on the gov.uk contracts finder web page1. The successful supplier was able to demonstrate a variety of community benefits including, but not limited to, mock interviews for unemployed individuals.

15The FRC holds the requested information. The FRC considers it is unable to disclose the information it holds because it was provided to the FRC in confidence and section 41 of the Act applies to this part of your request. Further information on the application of this exemption is provided in Annex A below.

16The FRC records the information you have requested for document translation but does not have a record of the rest of the information you have requested. The FRC considers it is unable to disclose the information it holds because it was provided to the FRC in confidence and section 41 of the Act applies to this part of your request. Further information on the application of this exemption is provided in Annex A below.

17The FRC does not have a language services contract and in consequence does not have a record of the information you have requested.

18The FRC seeks to utilise a government framework agreement, typically one of the Crown Commercial Services agreements which can be found on the following webpage: https://www.crowncommercial.gov.uk/agreements

19There is currently no contract in place for these services. The FRC does not therefore have a record of the information which has been requested.

20The FRC does not have a dedicated budget for language services. Consequently, the FRC does not have a record of the requested information.

21The FRC has a Procurement team which is responsible for managing its contract procurements. The Procurement team can be contacted at the following email address: [email protected]. The FRC is unable to disclose the personal information which has been requested because it considers that section 40 of the Act applies. Further information on the application of this exemption is provided in Annex A below.

28/02/2024

Nature of request

Under the Freedom of Information Act, please could I request the following information:

QUESTION 1: Please advise how many Data Subject Access Requests (hereafter referred to as SARs) you received and responded to in 2021, 2022 and 2023 relating to employees (past or present) and other requests (e.g. customers, general public, service users etc).

Response

1The number of Data Subject Access Requests ("SARs") the FRC received and responded to in 2021, 2022, and 2023 are as follows:

Number of SARs requests in 2021 Number of SARs requests in 2022 Number of SARs requests in 2023
Employees (past and present) 1 2 0
Other (e.g. customers, general public, service users) 3 3 0

The next few questions relate to the SARs process which includes collating (pulling the data together from across your organisation/department), redacting the data, pulling the information/ data together into a response and checking the information before issuing it to the requestor.

QUESTION 2: When responding to SARS do you manage the process in-house, or do you outsource the whole or part of the process? And if conducted in house please specify the name of the team/function that is responsible for this part of the process (e.g. Data Privacy, HR, etc). If for example you outsource one type of SAR (e.g. employee) but complete others (e.g. citizen/customer) inhouse, please provide details.

Response (continued)

2Please see our response below:

In house (please specify) Outsourced
Collating the data (pulling the data together from across your organisation/department) The Freedom of Information Team manages the in-house collation of data across the organisation. This involves liaising with the organisation's IT department to undertake keyword searches. The FRC's IT department may instruct the organisation's external supplier of IT services to undertake keyword searches.
Redacting the data The Freedom of Information Team. The Freedom of Information Team may outsource the preparation of redactions. Where this work is outsourced, the Freedom of Information Team oversees the outsourced work and approves the final redactions.
Pulling the information/ data together into a response The Freedom of Information Team. The Freedom of Information Team may outsource the initial preparation of a response. Where this work is outsourced, the Freedom of Information Team oversees the outsourced work and approves the final response.
checking the information before issuing it to the requestor The Freedom of Information Team and the teams within the FRC that hold the information that is to be disclosed in the response to the requestor.

QUESTION 3: Approximately how many working hours does it take to pull together a typical SARs response, this includes the time taken to collate and redact the information, and putting the information together for issuing?

Response (continued)

3We do not hold a record of the information you have requested.

QUESTION 4: What is the estimated percentage of handwritten documentation within a typical SAR response?

Response (continued)

4The percentage of handwritten documentation within a typical FRC SAR response is 4.27% for the period 2021 to 2023. The FRC has understood your 4th question as relating to the same period as your first question. The percentage for that period has been calculated by dividing the total number of disclosed documents bearing handwriting by the total number of documents disclosed.

20/02/2024

Nature of request

Regarding FOI request F294 Flagge, you mentioned that three meetings were held between Jon Thompson and Lex Greensill, on 13,17,27 November 2020. As a new request, please can you provide, in respect of those 3 meetings:

  1. Details of the other attendees of each call/meeting
  2. A copy of the agenda for each meeting
  3. A copy of the minutes of each meeting

Response

1Mr Bill Crothers, Greensill Capital UK Ltd: 27 November 2020. Mr Crothers was also invited to the 13 and 17 November 2020 meetings, though our records do not show whether Mr Crothers did in fact attend those meetings.

2We do not hold this information.

3We do not hold this information.

31/01/2024

Nature of request

  1. Please can you confirm that the below link comprises all the outcomes for audit and nonaudit cases under the Accountancy Scheme since 7th July 2015? le. that your site is not missing any cases and there were a total of 32 outcomes under the Accountancy Scheme? https://www.frc.org.uk/library/enforcement/enforcementcases/outcomes/?audit=&enforcement_regime=accountancy+scheme&query=
  2. Please can you tell me what the start point of the above list is? le. is it accurate to say it comprises all the audit and non-audit Accountancy Scheme outcomes since January 2015, or 1 April 2015, or another date?
  3. Please can you tell me how may audit and non-audit investigations the FRC opened under the Accountancy Scheme for each of the years since 2015?

Response

Our responses to the three points raised in your request, using the same numbering as your request, are as follows:

1The link you have cited does not comprise all the outcomes for audit and non-audit cases under the Accountancy Scheme since 7 July 2015. The FRC only announces cases it has determined should be published on its website in accordance with its 'Publication Policy regarding decisions under the Accountancy and Actuarial Schemes1'. In addition, the FRC website will not contain details of cases it has determined, in accordance with the abovementioned policy, should no longer be published.

2The start date is from 1 April 2016. However, the FRC website does not contain details of all the audit and non-audit Accountancy Scheme outcomes from that date (or another date) for the reasons given in the paragraph above.

3The number of audit and non-audit investigations the FRC has opened under the Accountancy Scheme since 2015, are as follows:

Year Number of Audit cases Number of Non-Audit cases Total
2015 4 5 9
2016 4 3 7
2017 0 2 2
2018 1 3 4
2019 0 1 1
2020 1 1 2
2021 0 2 2
2022 1 1 2
2023 0 1 1
Total 11 19 30

Scheme investigations may look at the actions of either firms or individual accountants, and a single investigation may involve multiple investigation subjects.

Additional information for context The FRC is one of several bodies which regulate members of the accountancy profession. By agreement with the six chartered accountancy bodies (list available here), under the Accountancy Scheme the FRC performs a non-statutory role providing oversight of the professional accountancy bodies' regulation of their members. Individual accountants and firms may be a member of any one of the six chartered accountancy bodies, which also conduct disciplinary investigations into the conduct of their members. Since the introduction of the Audit Enforcement Procedure in June 2016, which covers all statutory audit matters (see here), fewer cases have been pursued under the Accountancy Scheme. Information on the FRC's enforcement cases under different regimes may be found here.

31/01/2024

Nature of request

I saw this story in the FT this morning: https://www.ft.com/content/da6d2386-ded4-490fb4b3-ec27a3f20983 Can I ask the following under FOI:

  1. How many accountants have you investigated in each calender [sic] year since 2004 (when the accountancy scheme rule mentioned in the FT story came into force).
  2. How many accountants that work in local authorities have you investigated each calender [sic] year since 2004.
  3. [Please provide a list of local authorities in England that have had accountants investigated at (and the year they were investigated). Please provide clarity if an accountant has been investigated twice or if an authority (but different accountants) has been investigated twice.] If you can't provide figures as far back as then, as per FOI legislation, please provide me with an suggestion to revise this request down (or figures for the years that you can provide).

Response

1Number of individual accountants investigated under the Accountancy Scheme from 2013 by calendar year:

Year (in which investigation was opened/announced) Number of investigations opened into individual accountants under the Accountancy Scheme
2013 13
2014 21
2015 12
2016 17
2017 3
2018 9
2019 2
2020 2
2021 7
2022 2
2023 3
2024 (to 25 January)

Notes:

  1. The figures above include ongoing cases and cases where investigations were opened but did not result in disciplinary action, as well as those where there was a published enforcement outcome following investigation.
  2. The figures include cases where the FRC decided it would not be appropriate to announce the opening of the investigation, pursuant to the Publication Policy regarding decisions under the Accountancy and Actuarial Schemes.
  3. The figures do not include investigations under the Accountancy Scheme into accountancy firms (rather than individual accountants).

Number of accountants working in local authorities investigated under the Accountancy Scheme from 2013 by calendar year: 1 in 2023 (none prior to this investigation).

3Local authorities which have had accountants investigated under the Accountancy Scheme from 2013: Thurrock Council, investigation opened in 2023 (none prior to this investigation). Additional information for context The FRC is one of a number of bodies which regulate individual members of the accountancy profession. By agreement with the six chartered accountancy bodies (list available here), the FRC has a non-statutory role for oversight of the regulation by the professional accountancy bodies of their members, under the Accountancy Scheme. Individual accountants may be a member of any one of the six chartered accountancy bodies, which also conduct disciplinary investigations into the conduct of their members. The scope of the Accountancy Scheme, and therefore the number of cases brought under it, is limited by the Audit Enforcement Procedure, which covers all statutory audit matters (see here). Information on the FRC's enforcement cases under different regimes may be found here.

20/01/2024

Nature of request

1What is the number of audit firms regulated by the FRC? I would like the data broken down for each of the last five years with a year-end date of 30 November or whichever year-end is most convenient. If you cannot provide data for each of the last five years, then please provide data for each of the last four years. If you cannot provide data for the last four years, then please provide data for the last three years. If you cannot provide data for the last three years, then please provide data for the last two years. If you cannot provide data for the last two years, then please provide the most recent year." On 2 January 2024, we sought clarification of your interpretation of "audit firms regulated by the FRC", to which you responded on the same day confirming that you would like to know the "number of statutory audit firms registered to perform activities for public interest entities in the UK.

Response

The FRC holds some of the information you have requested in respect of the number of statutory audit firms registered to perform activities for public interest entities (PIEs) in the UK. You have asked for data for each of the last five years. The way in which the FRC manages and records the information requested has changed within this period due to the introduction of the FRC's Public Interest Entity Auditor Registration Regulations (the Regulations) as explained below. Therefore, information relating to the first three years of the request has been recorded differently from the information that relates to the last two years of the request. Each of these periods is dealt with in turn below.

Information the FRC holds for the period before the Regulations came into effect Each year, the FRC identifies PIE audits and audits of other entities which fall within the scope of the FRC's Audit Quality Review. The FRC surveys audit firms to confirm this information. This is how the FRC was able to identify PIE auditors prior to the Regulations coming into effect. To the extent that the FRC did not manage to identify all those audits (including PIE audits) falling within the scope for Audit Quality Review, the figures for PIE auditors for years prior to the Regulations coming into effect may not be as accurate as those compiled from the PIE Auditor Register since the Regulations took effect (see below).

The number of audit firms auditing PIEs within the scope for Audit Quality Review for the first three years of the request is as follows:

Date Number of audit firms performing audit activities for public interest entities operating in the UK as at 31st December
2021 446
2020 387
2019 408

The Regulations came into effect on 5 December 2022. The Regulations stipulate that, from that date: "to undertake Statutory Audit Work for PIEs, (i) audit firms and (ii) Responsible Individuals (RIs) who are, or may be, responsible for signing an audit report for a PIE, must be on the FRC's PIE Auditor Register (PAR)." It is up to the firm or RI to determine whether they are undertaking, or plan to undertake, Statutory Audit Work on a PIE. The types of audited entities likely to fall within the scope of the Regulations include UK-incorporated entities listed on the London Stock Exchange (or other UK regulated market); UK registered banks, building societies or other credit institutions (but not credit unions or friendly societies); or a UK insurance entity which is in the scope of the Solvency II regulations. The FRC will determine whether a firm or RI must be registered on the PAR by reference to the financial year which is the subject of the audit. As at 5 December 2022, there were 35 audit firms registered with the FRC. As at 5 December 2023, there were 41 audit firms registered with the FRC. You may like to know that the FRC website provides a PIE Auditor Register Firms List (accessible here) which reflects the audit firms on the PIE Auditor Register on the published date.

Footnotes

  1. This budget item includes costs of legal research tools and products. ↩↩↩

  2. This includes external legal fees. ↩

  3. This includes fees such as the ICO Data protection fee. ↩

  4. This includes professional registration fees such as SRA membership or Bar Council fees. ↩

  5. https://media.frc.org.uk/documents/Auditors_Regulatory_Sanctions_Procedure_Local_Audit_March_21.pdf ↩

  6. This number includes the National Audit Office. ↩

  7. This number includes Audit Scotland and the National Audit Office. ↩

  8. This number includes Audit Scotland, the National Audit Office and Audit Wales. ↩

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Publication date 19 February 2024
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