Supervision

The FRC’s delivers it supervisory and monitoring obligations in respect of audit, accounting, corporate reporting and actuarial work through Supervision. As an improvement regulator, we promote innovation and improvement by identifying and sharing good practices to raise the quality of audit and corporate reporting for all our stakeholders.

Audit Firm Supervision

Audit Firm Supervision (AFS) is responsible for the overall supervision of PIE audit firms, drawing together the results of work undertaken by the other two teams (AMS and AQR) as well as other areas of the FRC.

Audit Market Supervision

Audit Market Supervision takes a cross-market approach to areas of importance to audit quality and firm resilience, including firmwide inspection work to ensure compliance with the International Standard on Quality Management (ISQM 1).

Audit Quality Review

AQR monitors the quality of the audit work of UK firms that undertake statutory audits of Public Interest Entities (PIEs) and certain other entities.

Audit Firm Specific Reports

We publish Audit Quality Inspection and Supervision Reports audit firms annually.

Corporate Reporting Review

Corporate Reporting Review (CRR) undertakes the day-to-day work relating to the FRC’s statutory responsibility to monitor and improve the quality of corporate reporting in the UK.

Professional Bodies Supervision

PSB ensures that the FRC may be satisfied that each Recognised Supervisory Body has the necessary arrangements in place to meet the requirements of the Delegation Agreement and should continue to be recognised as an RSB for the purpose of statutory audit.

Report on Developments in Audit

The Developments in Audit report was first produced in 2015/16 and was the first of its kind for the FRC as the UK’s Competent Authority for audit.