View the respective roles of the Government and the FRC in relation to the regulation of statutory audit.
There are currently four Recognised Supervisory Bodies (RSBs) and five Recognised Qualifying Bodies (RQBs) for the purpose of statutory audit.
Under Regulation 3(1) of SATCAR 2016 the FRC is the competent authority with ultimate responsibility for the public oversight of statutory auditors and for the performance and oversight of certain audit regulation tasks.
Regulation 3(1) of SATCAR 2016 sets out the responsibilities of the Competent Authority.
The FRC has implemented the legal requirements on the auditors of certain public interest entities to publish annual Transparency Reports, in accordance with the Statutory Audit Directive.
Learn about the legislation which provided the statutory frame work for audit regulation in the UK.
Since the UK left the EU, the UK and the Republic of Ireland (ROI) are third countries to each other.
The FRC Board has made a declaration approving the audit qualification of CPA Ireland which is a recognised accountancy body (RAB) in the Republic of Ireland.