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FRC Activity Table 2025

How we meet our objectives – 2025/26

The table below sets out some of the activities we will pursue to meet our four objectives and help achieve the five public interest outcomes we have targeted for 2025-28. More detail for each year of our strategy will be provided in our Annual Plans and Budgets.

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FRC activity | Strategic objective | Public interest outcome | |---|---|---| | Use our four faces model of regulation to enhance the quality of corporate reporting and audit and so underpin trust and confidence for users of financial accounts. | All | All | | Work alongside the government to develop and implement new legislation to modernise our statutory powers. | All | All | | Embed the revised 2024 UK Corporate Governance Code in its first few years of operation. | | | | Ensure that the Stewardship Code supports high quality investor stewardship and UK economic growth, while reducing unnecessary burdens. | | | | Monitor the adoption of the Wates Principles that apply to privately owned businesses. | | | | Use our Corporate Reporting Reviews to identify good practice and help enhance the quality of reporting. | | | | Maintain the accounting standards we set that apply to those three million businesses that follow UK GAAP and, as an organisation, facilitate the independent decision-making of the UK Endorsement Board, for the endorsement of international accounting standards through our due process oversight function. | | | | Ensure our actuarial regulation supports high standards in public interest actuarial work and is risk-based and proportionate, within the wider pensions reform landscape. | | | | Assess the culture, governance and risk and resilience of the largest audit firms, including their operational separation arrangements (where applicable). Embed our Audit Market Monitoring function in its second full year of operation. | | | | Monitor the health and resilience of the audit market, sharing our insights and learnings with firms and other stakeholders and taking action where we see emerging risks. | | | | Continue to oversee the effectiveness of the audit professional bodies we regulate in their approach to non-PIE audit inspection and regulation. | | | | Use our Scalebox initiative to work with smaller audit firms to help share best practice and develop their capabilities. | | | | Broaden and deepen our Sandbox initiative to develop innovative market solutions to audit, assurance and reporting. | | | | Continue to deliver an annual programme of Audit Quality Review inspections of individual audits and firm-wide ISQM1 assessments. | | | | Evolve our supervisory regulatory model for audit with the aim of giving a more holistic view of firms' approaches to audit quality, including through our inspection programme and our assessment of their internal quality management systems and governance. This is known as our Future Audit Supervision Strategy (FASS). | | | | Engage with international partners and standard-setting bodies to influence how audit standards are developed and ensure alignment with UK needs. | | | | Undertake effective, fair, proportionate and timely investigations, applying sanctions where there are cases of serious or significant failings by firms or individuals. | | | | Continue to use our inspections findings and horizon-scanning activities to undertake proportionate assessment of potential cases that may warrant formal investigation for enforcement. | | | | Review and refresh our enforcement decision-making governance model, including initial case assessment, the opening and conduct of investigations and publication of outcomes (considering approaches adopted by analogous independent regulatory authorities). Identify any modernisation required to ensure, for the future, it continues to be efficient, effective and proportionate (including in terms of offering a graduated range of regulatory responses). | | | | Work with the Ministry of Housing, Communities and Local Government on the transition of regulatory and system leadership responsibilities to the Local Audit Office and continue to support the effective functioning of the local audit system. | | | | Understand how AI will impact the UK business, audit and actuarial markets and what this means for setting standards, our guidance and regulation. | | | | Continue to develop and maintain the UK taxonomies suite in support of wider take-up of digital filing by corporates, and work with other regulators to develop a longer-term vision for digital reporting that allows for efficient and cost-effective access to high-quality information and insight, and that supports the government's reforms to company registration and filing. | | | | Work with partners in government and internationally to shape the future of sustainability disclosure standards and assurance in the UK. | | | | Help SME audit practitioners to apply auditing standards in a scalable and proportionate way. | | All | | Understand the impact of our regulation on the audit market and commercial incentives by firms. | | | | Continue to maintain a robust PIE auditor registration regime and develop an appropriate approach for the prospect of greater participation by private capital in the ownership of UK audit firms. | | | | Use our international influence to develop agreements with other countries, enabling mutual recognition of audit qualifications and experience and to maintain the UK's system of adequacy and equivalence with other jurisdictions. This provides global opportunities for UK auditors and expands the pool of qualified auditors able to do statutory audit work in the UK. | | | | Work with the professional bodies and firms to understand the opportunities and challenges for the future of the audit and actuarial professions. | | | | Ensure we engage well with those affected by, or with an interest in, our work. | All | All | | Exploit modern data and information management practices to maximise our efficiency and agility. | All | All | | Do dual-site working well, ensuring the FRC remains a place that attracts the best possible talent in London and Birmingham. | All | All | | Develop our capabilities to be a learning organisation that can adapt and change to meet evolving priorities. | All | All |

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Publication date 19 March 2025

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