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​Financial Reporting Council publishes Annual Report for 2014/15

In its Annual Report for 2014/15 the Financial Reporting Council (FRC) outlines its achievements and the challenges it faced during the year. The Annual Report outlines progress against the FRC’s 2013/16 strategic programme. As well as continuing to focus on key issues such as culture and behaviour, the FRC will be consulting stakeholders on its strategic priorities for 2016/19.  

 

Sir Winfried Bischoff, Chairman of the FRC, said,

“Our primary mission is to maintain an effective regulatory framework for corporate governance and reporting in the public interest; one that supports the needs of investors and supports boards and the professions in meeting the necessary high standards. We measure success by the impact we make, not by our level of activity.

In my first year as Chairman I have listened to many of those the FRC regulates and with whom we work and seek to influence. Overall the feedback is positive with the FRC recognised as being consultative, willing to listen and influential within the EU and internationally. But there are areas where we need to make more progress, including promoting investor stewardship, clear and concise corporate reporting and the quality and value of audit. We also need to avoid imposing unnecessary burdens on those we regulate, developing non-regulatory solutions wherever possible, and being particularly mindful of the needs of small growing companies.

We are helping Government to shape the future of audit regulation. During 2014/15 the FRC has supported the Department for Business Innovation and Skills in their consultation on the implementation of the new Audit Regulation and Directive. The work of the FRC is likely to expand with a significant increase in the number of audit firms to be monitored and new arrangements for oversight of the audit profession. We have reviewed the impact of our work to monitor the quality of reporting and auditing and will take steps to further enhance its effectiveness.”

In 2015/16 the FRC will also complete the delivery of its three-year strategy by building on or embedding actions taken in the previous two years. Actions will include:

  • Taking forward work on corporate governance and stewardship, in particular measures to enhance levels of engagement between investors and companies.
  • A new project to focus on company culture and succession planning, including how to promote good practice in both areas.
  • Promoting clear & concise reporting, including through the project to help smaller listed and AIM companies with the quality of their reporting.
  • Continuing the programme of work to promote audit that is of a consistently high standard and which meets investors’ needs.
  • Finalising the project to identify and respond to public interest actuarial risks and update technical actuarial standards.

Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
  2. All Press enquiries should be directed to:
  • Peter Timberlake, Head of Communications on telephone: 020 7492 2397/ 07768 502332, or email p.timberlake@frc.org.uk.
  • Sophie Broom, Communications Manager, on telephone: 020 7492 2395/
    07845 947902 or email: s.broom@frc.org.uk.
  • Rita Carolan, Communications Officer on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk

 

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