Site Search:

International activity

The FRC is an effective, accountable and independent regulator, actively helping to shape UK, and to influence EU and global, approaches to corporate reporting and governance, in addition to standard setting and audit regulation. We work to ensure that the FRC is recognised in the UK and globally as independent, credible, authoritative and influential.

The FRC effectively engages with, and influences, relevant EU and international organisations and regulatory authorities in other major jurisdictions.

The following is a statement of the FRC’s international activities for each of the areas in which the FRC is active. The list indicates where the FRC is a member of an international organisation, where the FRC attends regular international meetings, where the FRC maintains key bilateral international relationships and where the FRC undertakes projects with international aspects are shown for each.

 
Area International organisation/ committee Detail of activity
Corporate Governance    
International meeting European Corporate Governance Codes Network FRC chairs meetings of the ECGCN, a grouping of European national owners of corporate governance codes
Key bilateral relationship European Commission FRC works closely with the European Commission on corporate governance issues.
International project World Bank FRC is assisting the World Bank to complete their Report on the Observance of Standards and Codes – Corporate Governance. 
International project OECD The FRC works with the OECD and the UK Government in developing the OECD Corporate Governance Principles
 
Corporate reporting    
International organisation European Financial Reporting Advisory Group (EFRAG) Anthony Appleton represents the FRC as a member of EFRAG’s Technical Experts Group (TEG). The FRC also attends quarterly meetings of EFRAG’s Consultative Forum of Standard Setters (CFSS). The FRC provides financial support to EFRAG. The FRC undertakes research on corporate reporting matters in partnership with EFRAG and other European Standard Setters.
International organisation International Forum of Accounting Standard Setters (IFASS) The FRC is a member of IFASS, a group of national accounting standard setters who are involved in financial reporting issues. IFASS aims to support and influence the mission of the IASB.
International organisation European Enforcement Coordination Sessions (EECS) CRRT influences the development of international enforcement practices through active involvement in EECS, established under ESMA.
Key bilateral relationship International Accounting Standards Board (IASB) The FRC supports the IASB mission by contributing from UK market participants on behalf of the IASB. The FRC works closely with the IASB on a range of technical accounting issues. 
Key bilateral relationship European Commission FRC holds regular meetings and works closely with the European Commission on issues related to corporate reporting
Key bilateral relationship US Securities and Exchange Commission (SEC) FRC works closely with the SEC on corporate reporting policy issues and has signed a protocol with the SEC on sharing information on the application of IFRS by issuers listed in the UK and the US.
 
Audit
 
   
International organisation International Forum of Independent Audit Regulators (IFIAR) FRC is a member of IFIAR. Melanie McLaren (Executive Director, Audit) is a member of the advisory council and will be a member of the IFIAR Board from April 2017. The FRC is also a member of all of its working groups, being:
  • Inspections workshop (Chaired by Chris Hibbert from the AQR team)
  • Global Audit Quality (Melanie McLaren vice chair), with meetings also attended by Mike Suffield and Chris Hibbert from the AQR team
  • Standards Co-ordination (represented by the AQR team),
  • Enforcement (represented by the Enforcement team)
  • International co-operation (represented by PoT)
  • Investor 

Paul George, was Chairman of IFIAR from April 2011 until April 2013, and Vice-Chairman from 2009 until April 2011. Paul Boyle was Chairman of IFIAR from September 2007 until April 2009, and Vice-Chairman until September 2009.
International organisation Committee of European Audit Oversight Bodies (CEAOB) FRC is a member of the CEAOB, with Melanie McLaren being the FRC representative, attending the CEAOB meetings with Chris Hibbert.
 
The FRC is also a member of all of its sub-groups., being:
  • Inspections (Melanie McLaren being acting chair, and represented by members of the AQR team)
  • Enforcement (represented by the Enforcement team)
  • International Auditing Standards (represented by the AQR team),
  • Market monitoring (represented by PoT)
  • International Equivalence and Adequacy (represented by PoT).
Key bilateral relationship European Commission FRC holds regular meetings and works closely with the European Commission on issues related to statutory audit, in particular the implementation of the Statutory Audit Directive.
Key bilateral relationship US Securities and Exchange Commission (SEC) FRC works closely with the SEC on audit policy issues and in relation to audit market risks.
Key bilateral relationship US Public Company Audit Oversight Board (PCAOB) FRC, in particular POT/AQR, holds regular meetings and works closely with the PCAOB on issues related to statutory audit and inspection of auditors of public interest entities.
Key bilateral relationship Other national audit regulators FRC, in particular POT/AQR, holds regular meetings and works closely with other national audit regulators on issues related to statutory audit and inspection of auditors of public interest entities.
International meeting International Auditing and Assurance Standards Board (IAASB) Marek Grabowski, Director of Audit Policy, has been a Board member of the IAASB, since January 2014. In that role he also attends the Consultative Advisory Group meetings of both the IAASB and IESBA (the International Ethics Standards Board for Accountants). Marek and his Technical Advisor, Josephine Jackson are members of a number of IAASB working groups, responsible for the development of standards for the Board.
International meeting International Accountancy Education Standards Board (IAESB) POT nominates a member of the Consultative Advisory Group to the IAESB.
 
Actuarial
 
   
International meeting International Actuarial Association Council (IAA) Ann Muldoon, Director of Actuarial Policy attends the Council and Committee meetings of the IAA, as an observer.  Meetings are held twice a year.  The Committee meetings of particular interest are the Actuarial Standards and Professionalism Committees.  The IAA issues model actuarial standards.  The Financial Reporting Council, seeks to influence the development of the model standards and, in cooperation with the Institute and Faculty of Actuaries considers the approach to adoption.
International meeting Standard Setters Roundtable (SSRT) The Financial Reporting Council is a member of the Standard Setters Roundtable which has as its mission to “foster where appropriate, convergence of actuarial standards of practice internationally”. Ann Muldoon, Director of Actuarial Policy attends the meetings which are held at the same time as the IAA Council and Committee meetings.
International meeting Actuarial Association of Europe (AAE) A member of Actuarial Policy attends the Standards, Freedoms and Professionalism Committee meetings of the AAE, as an observer.  Meetings are held twice a year.  The Committee meetings of particular interest are the Actuarial Standards and Professionalism Committees.  The AAE issues model actuarial standards. The Financial Reporting Council, seeks to influence the development of the model standards and, in cooperation with the Institute and Faculty of Actuaries considers the approach to adoption.
Key bilateral relationship European Commission FRC, in particular APT, contributes as appropriate to the continuing development of the EU Solvency II project and the IORP proposal.
Key bilateral relationship International Auditing and Assurance Standards Board (IAASB) The Actuarial Policy team contributes on insurance and pensions related matters to the overall FRC response to IAASB proposals and developments.
Key bilateral relationship International Association of Insurance Supervisors (IAIS) The Actuarial Policy team considers proposals and consultations issued by the IAIS and contributes to the overall FRC response to those proposals.
Quick Links
Subscribe to our newsletter and alerts
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