Financial Reporting Council publishes Annual Report
15 October 2018
The Financial Reporting Council’s (FRC) Annual Report for 2017/18
highlights priority projects delivered and actions undertaken by the FRC in pursuit of its mission to promote transparency and integrity in business.
In the FRC’s first full year as Competent Authority for statutory audit in the UK, the FRC has also consulted on a major review of the UK Corporate Governance Code, achieved its largest Enforcement fines at the time in cases of serious Misconduct by audit firms and introduced new arrangements for enhanced monitoring and supervision of the six largest audit firms.
The FRC’s mission was revised during the year and reflects its role to act in the public interest. Looking forward, the FRC’s 2018/21 Strategy, published in March 2018, identifies objectives and activities designed to continue delivering against the mission. The review being undertaken by Sir John Kingman will ensure the FRC is fully equipped for its role and responsibilities as these evolve and to meet the challenges and opportunities in the years ahead.
Sir Win Bischoff, Chairman of the FRC, said,
“Rebuilding public trust in business and responding to changing expectations of all stakeholders are at the heart of what we do. We will continue to take robust action to meet our objectives and ensure the UK remains a magnet for global capital and a centre of excellence for the professions.”
The FRC’s Annual Report was laid before Parliament on the 11th
Notes to editors:
- The FRC’s mission is to promote transparency and integrity in business. 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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