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Oversight of the accountancy profession

By agreement with the six chartered accountancy bodies, the FRC has a non-statutory role for oversight of the regulation by the professional accountancy bodies of their members beyond those that are statutory auditors.

The FRC's work to oversee the regulation of statutory auditors is also relevant to the oversight of the accountants more generally, as the regulatory systems often apply to both. In addition the FRC may review other regulation by the professional accountancy bodies of their members,for example:
  • education,
  • training,
  • continuing professional development,
  • standards,
  • ethical matters,
  • professional conduct, and
  • discipline, registration and monitoring,

including making recommendations on how these activities might be improved.

The bodies have agreed that they will consider  the FRC recommendations carefully, and either
  • implement them within a reasonable period, or
  • give reasons in writing for not doing so.

The Professional Oversight team has conducted a number of specific reviews, which can be found here
 

In addition the  FRC publishes annually Key Facts and Trends in the Accountancy Profession, which  gives statistical data on the accountancy profession and provides context to the FRC's work.  For more information click here.

 

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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