Corporate report: Financial Reporting Council oversight responsibilities 2021 to 2022

Presented to the Parliament pursuant to section 1252(10) of, and paragraph 10(3) of Schedule 13 to, the Companies Act 2006.

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This is the annual report from the Financial Reporting Council (FRC) to the Secretary of State for Business, Energy, and Industrial Strategy (BEIS) on how the FRC has discharged its statutory and non-statutory oversight (of the professional bodies) responsibilities in 2021-2022. The report describes the key matters that arose from the FRC’s oversight activities. It also updates on the FRC’s work to assess third country audit arrangements and on progressing Equivalence and Adequacy [footnote 1] assessments and Mutual Recognition Agreements (MRAs).

Based on our oversight in 2021-2022, our principal conclusions are as follows: