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 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).
AQR monitors the quality of the audit work of UK firms that undertake statutory audits of Public Interest Entities (PIEs) and certain other entities.
We publish Audit Quality Inspection and Supervision Reports audit firms annually.
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.
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.
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.