Corporate report: Financial Reporting Council oversight responsibilities 2020 to 2021

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October 27, 2021 11:12

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The Report of the Financial Reporting Council’s oversight responsibilities is presented to 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 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 responsibilities in 2020 to 2021. The report describes the key matters that arose from the FRC’s oversight activities.

The FRC’s oversight functions are undertaken by its Professional Oversight Team. These include:

statutory oversight of the audit regulatory work performed by the Recognised Supervisory Bodies (RSBs) and Recognised Qualifying Bodies (RQBs) in relation to corporate and local audit

oversight by voluntary agreement of the regulatory responsibilities of the Institute and Faculty of Actuaries (IFoA) in relation to its members

the administration of the Third Country Auditor (TCA) regime for auditors based outside the UK, auditing entities with a listing on a regulated market in the UK

oversight by voluntary agreement of aspects of regulation by professional bodies, that are members of the Consultative Committee of Accountancy Bodies (CCAB), in relation to the accountancy activities of their members

This is an extract. The publication continues at the source.

Read the original at the source: https://www.gov.uk/government/publications/financial-reporting-council-oversight-responsibilities-2020-to-2021

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Organization: Financial Reporting Council — imported from official source
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