Module 12: Regulatory Framework

Question 1

What is the role of the FRC?

Answer 1

1. Acting as the competent authority for statutory audit in the UK, setting auditing and ethical standards and monitoring and enforcing audit quality
2. Setting UK and Ireland accounting standards
3. Setting the UK corporate governance code, the UK Stewardship code and standards for actuarial work
4. Monitoring and taking action to promote the quality of corporate reporting
5. Operating some independent disciplinary arrangements for accountants and actuaries