Objectives and Activities- Regulation
The Financial Reporting Council (FRC) is the unified, independent regulator for the accountancy and the actuarial professions with a wide range of functions.
- setting, monitoring and enforcing accounting and auditing standards
- statutory oversight and regulation of auditors
- operating an independent investigation and discipline scheme for public interest cases
- overseeing the regulatory activities of the professional accountancy bodies
- promoting high standards of corporate governance
Much of the FRC's work is carried out by its subsidiary boards including the Accounting Standards Board which is responsible for accounting standards and the Auditing Practices Board which is responsible for auditing standards. The FRC subsidiary boards are:
Each subsidiary board maintains a website under the umbrella of the FRC.
Along with Government and the financial and banking sectors, CCAB contributes 1/3 of the FRC's funding. A senior member of one of the CCAB bodies serves as a member of the FRC's Board of Directors. The current incumbent is Paul Druckman.
The Department of Enterprise, Trade and Employment (DETE) has reviewed the regulatory framework of the accountancy profession in the Republic of Ireland and has established the Irish Auditing and Accounting Supervisory Authority (IAASB). Further information can also be found on the website of the Institute of Chartered Accountants in Ireland (ICAI).
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