Financial Reporting Council
||It has been suggested that Accounting Standards Board, Accountancy & Actuarial Discipline Board, Auditing Practices Board and Professional Oversight Board be merged into this article. (Discuss) Proposed since May 2011.|
The Financial Reporting Council (FRC) is the UK's and the Republic of Ireland's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
It is a company limited by guarantee, partly funded by government and the industry and its Board of Directors is appointed by the Secretary of State for Business, Innovation and Skills. It and its subsidiaries play crucial roles in the oversight and development of corporate governance standards in the UK and the Republic of Ireland, such as the UK Corporate Governance Code and standards for the accounting industry.
The FRC board is supported by three committees:
- the Codes & Standards Committee
- the Executive Committee
- the Conduct Committee
The Codes and Standards Committee advise the FRC board on matters relating to codes, standard-setting and policy questions, through its Accounting, Actuarial and Audit & Assurance Councils (formerly *Audit Practices Board. The Conduct Committee advise the FRC Board in matters relating to conduct activities to promote high-quality corporate reporting, including monitoring, oversight, investigative and disciplinary functions, through its Monitoring Committee and Case Management Committee. The Executive Committee will support the Board by advising on strategic issues and providing day-to-day oversight of the work of the FRC.
The FRC incorporates six operating bodies:
- Accounting Standards Board (ASB)
- Financial Reporting Review Panel (FRRP)
- Accountancy & Actuarial Discipline Board (AADB)
- Professional Oversight Board (POB)
- Auditing Practices Board (APB)
- Board for Actuarial Standards (BAS)
The FRC's Chief Executive since November 2009 is Stephen Haddrill.
Financial Reporting Review Panel
The Financial Reporting Review Panel (FRRP) was established in 1990 as a subsidiary of the United Kingdom's Financial Reporting Council. The FRRP seeks to ensure that the provision of financial information by public and large private companies complies with relevant accounting requirements such as the Companies Act 1985.
On the 19th of April 2013, the Daily Mail ran a story titled "Criticism as SEVEN watchdog members set to investigate KPMG are revealed as current and former employees".
|This article about an organisation in the United Kingdom is a stub. You can help Wikipedia by expanding it.|
|This finance-related article is a stub. You can help Wikipedia by expanding it.|