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365 results found.

Selected Topics

  • Supervision
  • Culture and Conduct

    We undertake work to assess and monitor various aspects of the culture in the audit practice at Tier 1 and Tier 2 firms, proportionately.

  • Governance and Leadership

    We promote good governance and leadership at the largest audit firms because well-governed and well-run audit firms are more likely to deliver consistently high-quality audits and to be operationally and financially resilient.

  • Risk and Resilience

    We assess and monitor various aspects of firms’ risk management frameworks and the firms’ crisis and contingency planning.

  • Audit Market Monitoring

    Our Audit Market Monitoring function focuses on monitoring emerging or growing risks in the audit market which could affect audit quality, resilience, capacity or competition.

  • Systems of Quality Management Monitoring

    We take a cross-market approach to monitoring Tier 1 & Tier 2 audit firms’ compliance with the new quality management standards (ISQM (UK) 1 & ISQM (UK) 2), which came into effect on 15 December 2022.

  • Audit Market Supervision (overview)

    Audit Market Supervision takes a cross-market approach to areas of importance to audit quality and firm resilience, including firmwide inspection work to ensure compliance with the International Standard on Quality Management (ISQM 1).

  • Audit Thematic Reviews

    We conduct audit thematic reviews to look at firms’ policies and procedures in a specific area to make comparisons between firms, identify areas of common weakness and share good practice.

  • Audit Firm Resources (overview)

    In our role as an improvement regulator, we have introduced an audit firm resource hub to provide firms with an easier access to our audit-related publications on a wide range of topics.

  • Scope and limitations of a CRR review

    A review conducted by CRR does not provide any level of assurance on which reliance can be placed by a company, its directors or any other third party. This includes, but is not limited to, a company’s shareholders and potential investors.

  • Publicity, confidentiality and penalties

    Certain aspects of CRR’s interaction with companies may be made public; however, access to and disclosure of case details is strictly controlled. The FRC has no power to impose penalties on a company.

  • Communicating and interacting with CRR

    The majority of our interactions with companies are conducted through formal letters. However, in some circumstances it may be more appropriate and efficient to have face-to-face meetings with company representatives.

  • Selection and review

    We select reports and accounts and interim reports to review using a combination of risk-based and rotational review approaches. We then consider if there is, or may be, a question whether they comply with the law or other relevant reporting requirements.

  • Change of Auditor Flow Chart for Companies

    Flow charts showing the process when the Auditor of Public or Private Company ceases to hold office.

  • Change of Auditor Flow Chart for Audit Firms

    A flow chart showing the process when the Auditor of Public or Private Company ceases to hold office.

  • Auditor Regulatory Sanctions Procedure

  • European Auditing Oversight Bodies

    UK Auditors and audit firms that audit companies with securities listed on regulated markets in an EEA country may need to register as a Third Country Auditor with the local Competent Authorities.

  • Submit Updates

    You must notify the FRC without undue delay to any changes to the information listed.

  • How to Register

    Application forms to register as a third country auditors in the UK.

  • Regulatory Background

    The FRC has statutory powers delegated by Government to set the detailed regulatory requirements concerning the third country auditor regime in the UK.

  • International Agreements and Arrangements

    The FRC has entered into agreements and arrangements with overseas regulators on cooperation and exchange of information related to the oversight of auditors.

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The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 13th Floor, 1 Harbour Exchange Square, London E14 9GE

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