Professional Bodies Supervision

Professional Bodies Supervision (PBS) ensures that the FRC, as Competent Authority, may be satisfied that each Recognised Supervisory Body (‘RSB’) has the necessary arrangements in place to meet the requirements of the Delegation Agreement and should continue to be recognised as an RSB for the purpose of statutory audit. It also ensures independent oversight of the audit qualification awarded by the Recognised Qualifying Bodies (‘RQBs’) for the purpose of statutory audit as well as independent supervision of Auditors General in respect of the exercise of their function as statutory auditors.

Professional Bodies Supervision (overview)

View the statutory responsibilities Professional Bodies Supervision fulfils for the FRC.

Oversight of Audit

Learn how the FRC dicharge its statutory responsibilities for oversight of the regulation of statutory auditors.

Third Country Auditors

Third Country Auditors who are auditing companies listed in the UK  are required to register with the ‘Competent Authority’, which is the FRC.

Local Audit and Statutory Regulations

Local bodies appoint audit firms, which must be registered with a Recognised Supervisory Body (RSB) that has been recognised by the Financial Reporting Council (FRC) for local audit.

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.

Key Facts and Trends in the Accountancy Profession

Key Facts and Trends is a document produced annually by the FRC to provide helpful statistical data on the accountancy profession, and provide contexts to its work.

Oversight of the Actuarial Profession

The Financial Reporting Council is responsible for independent oversight of the Institute and Faculty of Actuaries (IFoA).

Independent Supervision of the Auditors General

The FRC has been appointed by the Secretary of State for Business, Innovation and Skills as the Independent Supervisor of Auditors General in respect of statutory audits.

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.