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FRC: EC report on monitoring progress of the EU audit reform

The Financial Reporting Council (FRC) as the UK’s competent authority for audit contributed to the first report on the EU market for Public Interest Entity (PIE) audit which has now been published.

The report provides a baseline for monitoring the impact of new statutory audit regulation throughout the EU. The UK is the EU’s most significant market representing over half of market revenues.

The report was submitted to the Council, European Central Bank, European Systemic Risk Board and European Parliament, and assesses:

  • market concentration levels
  • risks to audit quality and measures to mitigate them
  • performance of audit committees.

Read or download the Report.

 

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