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Policies and procedures


The Council comprises up to ten members, at least one third and not more than half of which are practising auditors and the remainder are other stakeholders.  Members are appointed through an open process overseen by the Chair of the Codes and Standards Committee (CSC) subject to the overall guidance of the Nominations Committee of the FRC.


The, UK, Department for Business, Innovation and Skills (BIS), the Irish Auditing and Accounting Supervisory Authority (IAASA) and the Financial Services Authority have been invited to send one representative to attend and speak at Council meetings. The primary role of observers is to keep the Council informed of relevant developments within their organisations, to give the Council the benefit of their advice, and to keep their organisations informed of FRC activities.


In developing audit and assurance standards and guidance, the FRC's operating procedures are followed.

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The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS