The annual report outlines the FRC’s financial position, highlights achievements and challenges in 2017/18 and also identifies areas that it will focus on in 2018/19. The annual report also outlines the progress made in the FRC’s strategy for 2018-21.

In 2018/19 the FRC’s priorities will include:

• Driving further improvements in the quality of audit, including through implementing a new audit approach to the monitoring and supervision of the six largest audit firms, reviews of firm-wide audit quality processes, thematic reviews, and reviews of audit engagements, focusing on areas of high risk.
• Consulting on a revised Stewardship Code.
• Continuous improvement in corporate reporting through monitoring of annual reports and accounts. There will be a specific focus on how companies are implementing IFRS 15 Revenue from Contracts with Customers, IFRS 9 Financial Instruments and IFRS 16 Leases.
• Ensuring that its enforcement action continues to be robust, proportionate and timely.

The press release and the full annual report are available on the FRC website.