Finance Reporting Council (FRC)

Question 1

What is the FRC UK’s regulator for?

Answer 1

For accountants and auditors.

Question 2

What is FRC’s mission?

Answer 2

To promote transparency and integrity within the profession.

Question 3

What else is the FRC responsible for?

Answer 3

Corporate Governance

Question 4

What does the role of the FRC include? 5

Answer 4

Issue accounting standards
Issues auditing standards
Issues the code of practice for corporate governance
Monitors conduct of companies, acc and auditors
Issues sanctions which do not comply with regulations.

Question 5

What are some of the sanctions issued?

Answer 5

Fines, reprimands, instructing clients’ fees to be repaid or waived and removal of authority to provide services