The FRC has published its strategy for 2020/21 following positive responses to its consultation. The FRC is promoting a more resilient audit market and will develop its longer term strategy once the Government has finalised its position on key public policy issues related to the audit market.
The FRC has a new purpose - serving the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. To meet this its core objectives are:
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To set high standards in corporate governance and stewardship, corporate reporting, audit and actuarial work and assess the effectiveness of the application of those standards, enforcing them proportionally where it is in the public interest.
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To promote improvements and innovation in these areas, exploring good practice with a wide range of stakeholders.
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To transform the organisation into a fit-for-purpose, independent regulator.
On the CMA review of the Audit Market the FRC has been working with BEIS to bring forward solutions for Ministers and awaits decisions on this in due course.
In respect of the Brydon review, preparatory work has begun on all of the recommendations and the FRC is again engaged with BEIS on the potential for their implementation.
A Government response during 2020 is awaited to provide clarity on the way forward, potential legislative change and a timetable for implementation.
Full press release on FRC
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