Innovation and Improvement Hub (overview)
1 minute read
Background
We have committed as part of our latest 3-year strategy to fostering a culture of innovation both internally and across our regulatory remit as part of our approach as an improvement regulator. Our Innovation and Improvement Hub initiative will help us achieve our strategic objectives.
Current initiatives
Launch podcast
Sandbox: Simplifying Annual Reporting
In our first Hub Sandbox project we are looking for approximately five companies to participate in a sandbox exercise with us to determine where they can streamline their annual reporting.
Audit & Assurance Sandbox
The Audit & Assurance sandbox is a collaborative and innovative approach to identifying and developing solutions to technical and policy issues in the audit and assurance space.
Audit Firm Scalebox
The FRC's Audit Firm Scalebox exists to help firms develop and maintain audit quality as they enter and grow in the PIE audit market. The Scalebox also allows us to understand these firms better, enhancing our supervisory approach accordingly.
Building Capability in Smaller Firms
The FRC is running a new initiative to support the development of the capability and quality management by small audit firms looking to establish a greater presence in the UK Public Interest Entity (PIE) audit market.
Other activities
The FRC strives to be an improvement regulator with a culture of innovation embedded in our ways of working. Other recent initiatives the FRC is working on which highlight innovation and improvement include:
Featured initiatives
Learn about our work on the following initiatives.
Supporting SMEs
The FRC provides material and tools to help small and medium-sized enterprises (SMEs) better understand auditing requirements. This initiative, launched in January 2025, is intended to help SMEs confidently navigate the audit process.
Small and medium-sized enterprises (SMEs)
Encouraging AI in audits
In June 2025, the FRC published guidance clarifying its expectations for the audit profession's use of artificial intelligence (AI). The FRC encourages responsible use of AI, including generative AI, to improve audit quality.