Revocation of recognition of the Association of Authorised Public Accountants (AAPA) as a supervisory body
News types: Policies and Responsibilities
Published: 26 October 2016
PN 60/16
The Financial Reporting Council (FRC) has decided to revoke the recognition of the Association of Authorised Public Accountants (AAPA) as a supervisory body for audit with effect from 31 December 2016. The AAPA agreed to the revocation.
This decision follows the amendments to the Companies Act 2006 made on the implementation of the EU Audit Regulation and Directive and the different requirements for recognised supervisory bodies.
AAPA members continue to hold an appropriate audit qualification and this means that, in order to continue practising as statutory auditors, they will have to be registered with another recognised supervisory body.
Notes to editors:
The Financial Reporting Council (FRC) has decided to revoke the recognition of the Association of Authorised Public Accountants (AAPA) as a supervisory body for audit with effect from 31 December 2016. The AAPA agreed to the revocation.
This decision follows the amendments to the Companies Act 2006 made on the implementation of the EU Audit Regulation and Directive and the different requirements for recognised supervisory bodies.
AAPA members continue to hold an appropriate audit qualification and this means that, in order to continue practising as statutory auditors, they will have to be registered with another recognised supervisory body.
Notes to editors:
- The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We are the UK competent authority for audit and set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent enforcement arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.