UKEB Due Process Oversight
Published: 18 September 2023
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Under the terms of a memorandum of understanding (MoU) between the Secretary of State for Business, Energy and Industrial Strategy (BEIS), the FRC and the UK Accounting Standards Endorsement Board (UKEB), the FRC is responsible for overseeing the UK Endorsement Board’s adherence to due process in its research, influencing and endorsement work.
The FRC’s responsibilities in this area commenced with the delegation of statutory functions by the Secretary of State for BEIS to the UKEB in May 2021. The legislation can be viewed here: Statutory Instrument (SI) 2021/609 The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021