Role of the FRC as Competent Authority
Published: 24 September 2023
1 minute read
The FRC develops and maintains auditing and assurance standards and guidance for engagements that are performed in the public interest within the United Kingdom. This includes:
- Standards and guidance for auditors
- The FRC Ethical standard and guidance for auditors’ integrity, objectivity and independence
- Statements that set out its views on particular matters of relevance to audit and other assurance engagements
- Standards and guidance for reviews of interim financial information performed by the auditor of the entity
- Standards and guidance for the work of reporting accountants in connection with investment circulars
- Guidance for the provision of assurance on client assets
We monitor and seek to influence, as appropriate, international standards and guidance and policy developments that may affect audit and assurance services in the UK.
Furthermore, the we respond to applications in respect of PIE audits to the Competent Authority (the FRC), including those concerning exemptions from the cap on non-audit fees, determinations of the start of an audit engagement period in cases of uncertainty and extensions of the maximum duration of an audit engagement.
| Name | Scope and Authority of Audit and Assurance pronouncements (March 2023) |
|---|---|
| Publication date | 1 March 2023 |
| Type | Scope and authority |
| Format | PDF, 427.9 KB |