FRC publishes annual report 2016/17
20 Jul, 2017
The Financial Reporting Council (FRC) has published its 2016/17 annual report (“the annual report”).
The annual report outlines the FRC’s financial position, highlights achievements and challenges in 2016/17 and also identifies areas that it will focus on in 2017/18. The annual report also outlines the progress made in the FRC’s strategy for 2016-19.
In 2017/18 the FRC will aim for “further improvements in governance, reporting, auditing and actuarial work, which will contribute to increased trust and confidence in business”.
Specifically the FRC’s priorities for 2017/18 include:
- Driving further improvements in the quality of audit, including through a thematic review of audit firm culture
- A comprehensive review of the UK Corporate Governance Code and promotion of its work on corporate culture. Also a review of the UK Stewardship Code.
- Promotion of Clear and concise reporting by companies, including through a Financial Reporting Lab project on reporting of principal risks and viability statements.
- Enhancing the speed and effectiveness of its enforcement role, including a review of its sanctions.
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