News March 2017 FRC publishes Plan & Budget and Levies for 2017/18

FRC publishes Plan & Budget and Levies for 2017/18

29 March 2017

PN 17/17

The Financial Reporting Council (FRC) has today published its Plan & Budget (PDF), including its levies, for 2017/18.

The FRC will undertake a comprehensive review of the UK Corporate Governance Code and collaborate actively with other regulators to address the opportunities and challenges of Brexit.

The FRC will take action to enhance the speed and effectiveness of its enforcement role. To promote confidence and improvements in audit quality, the FRC will engage with a range of stakeholders, including investors and preparers, to achieve progress towards reaching 90% of FTSE 350 audits requiring limited improvements as assessed by its monitoring function. The FRC will continue to promote the new framework of technical actuarial standards and conduct effective oversight and monitoring of the profession.

Stephen Haddrill, CEO of the FRC, said,

“Restoring public trust in business and ensuring the UK corporate sector is ready for Brexit is our priority.  Over the coming year, we will invest our resources into reviewing if after 25 years of the UK Corporate Governance Code, changes need to be made.

We must continue to work hard to promote high quality reports, enhance audit quality and improve the speed and effectiveness of our enforcement activities.

We are grateful for the constructive feedback we receive from stakeholders which is imperative to our ongoing work to enhance trust in business by promoting trustworthy information and behaviour.”

The responses to the FRC’s consultation on its Draft Plan & Budget and Levy Proposals 2017/18 are available here.

Notes to editors:
The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.


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