FRC Letter: external private capital and audit firms

News types:

Published: 26 September 2024

The Financial Reporting Council (FRC) has issued a letter regarding its approach to external private capital in UK audit firms.

The letter, addressed to audit firms and Recognised Supervisory Bodies (RSBs), outlines the FRC's approach to potential changes in ownership structures, emphasising the need to maintain audit quality, independence, and public interest focus.

The letter encourages early engagement with the FRC for firms considering such changes and reaffirms the FRC's commitment to monitoring developments in this area.

Read the full letter