FRC continues significant growth on road to becoming new regulator ARGA

News types: Generic Announcement

Published: 22 July 2022

The Financial Reporting Council (FRC) has today published its Annual Report and Accounts. This outlines the progress made over 2021/22 and the work towards transitioning to the new robust and independent regulator, the Audit, Reporting and Governance Authority (ARGA).
The report sets out the substantial change and impact that has been achieved over the past year, including the growth of the organisation to 374 members of staff, up 16% on the previous year. The increase in the number of staff has been an important part of meeting the organisation’s commitment to becoming an effective regulator, and this growth will continue as the FRC transitions to becoming ARGA to maintain the quality and effectiveness of work as the organisation takes on new statutory obligations.

Some of the other highlights in the report include:

•   The work of the transformation programme to change the culture, capability and capacity of the organisation.

•   The What Makes a Good Audit? publication and the high number of applicants and signatories to the Stewardship Code, demonstrating the FRC’s role as an improvement regulator.

•   The FRC’s consistent approach to assertive supervision and strong enforcement which continues to hold firms to account and drive better quality audit

Sir Jon Thompson, CEO of the Financial Reporting Council, said:

“Over the last year the FRC has worked at pace to become a more assertive regulator, making a real impact on how companies are run, reported on, and audited.
“This is thanks to the hard work of all of our colleagues across the organisation who have embraced our ambitious plan for the future and are working hard to make it a reality.”

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