FRC´s transition pathway
23 May 2019
The FRC has published its Plan & Budget 2019/20, with a commitment to push forward quickly its transition to the new regulator, the Audit, Reporting and Governance Authority. This work will progress alongside the extensive reform programme already in place in relation to the audit market.
Transformation work is progressing at pace with BEIS currently consulting on 48 of Sir John Kingman’s recommendations, many of which the FRC has a lead role in implementing. The budget includes investment in audit and corporate reporting supervision and enforcement. The FRC’s intensive work programme and transition will run in parallel with, and contribute to, other reviews notably the Brydon Review of the quality and effectiveness of audit and the Competition and Markets Authority review into audit competition.
The FRC’s strategic priorities for 2019/20 include:
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support the transition to the new Audit, Reporting and Governance Authority (ARGA)
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drive a step-change in audit quality in the UK, using its supervisory and standard setting powers
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increase the planned number of corporate reporting reviews and work to address the Independent Review’s recommendations that it should cover the whole of a company’s annual report
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use its expanded enforcement resources to manage an increasing caseload and accelerate decisions
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promote high quality corporate governance and investor stewardship, including through a new Stewardship Code.
Full press release
Plan & Budget 2019/20
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