CCAB has responded to the FRC’s consultation document.
About the FRC Consultation:
The Financial Reporting Council (FRC) has published for consultation its draft 2021/22 Strategy, Plan & Budget which reflects its continued commitment to serve the public interest whilst also moving at pace towards building the enhanced capacity and capability necessary to transform into the new Audit, Reporting and Governance Authority (ARGA).
Over the past year, the FRC has, among other things, strengthened its supervision of audit firms to promote better audit quality, taken the first steps towards operational separation of their audit businesses, set up a competition policy team and created a new stakeholder engagement and corporate affairs function. Moving forward, the FRC will continue to develop a solid foundation on which to expand further. As the UK moves beyond its exit from the EU, the FRC will also support the set-up and staffing of the UK Endorsement Board (UKEB) for IFRS.
In 2021/22 the FRC expects costs to increase by £6.8m, almost half of which funds the organisation’s development and maturity, and half the establishment of the UK Endorsement Board (UKEB) following the UK’s exit from the EU.