The annual report outlines the FRC’s financial position, highlights achievements and challenges in 2018/19, looks forward to 2019/20 and also sets out progress made to date on its transition to the new Audit, Reporting and Governance Authority (ARGA), following the independent review carried out by Sir John Kingman. 

In 2019/20 the priorities of the FRC will include:

• working with the government to ensure that an effective regulatory framework exists following the UK's exit from the EU;
• driving continued improvements in audit quality by focusing, alongside audit inspections, on the audit improvement programmes put in place by firms and continuing development of auditing and ethical standards;
• promoting corporate governance and investor stewardship including extending the monitoring of practice and reporting on corporate governance and updating the UK Stewardship Code;
• monitoring and taking action to promote audit quality and usefulness of corporate reporting including increasing the planned number of corporate reporting reviews;
• expanding the Enforcement team to provide timely and effective enforcement action to encourage improvements in the quality of audit and financial reporting; and
• supporting transition to the ARGA, including investing in staff, IT and other relevant systems.

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