FRC publishes regulations for PIE Auditor Register
18 Aug, 2022
The Financial Reporting Council (FRC) has published regulations for the upcoming Public Interest Entity (PIE) Auditor Register, following the Government’s response to the consultation on Restoring trust in audit and corporate governance in May 2022.
From 5 December 2022 all audit firms and responsible individuals undertaking statutory audit work for PIEs will need to be registered by the FRC.
Audit firms currently auditing PIEs will need to apply and be approved to be included on the PIE Audit Register to prevent any disruption to their work. There will be a transition period from 5 September to 4 December 2022 for existing audit firms of PIEs to submit transitional applications.
The Kingman Review in 2018 found that the FRC had insufficient powers to address systemic issues at the firms, relying on the registration powers of the Recognised Supervisory Bodies. The creation of the PIE Auditor Register was also a key action set out in the government response and is one of the first projects to be implemented.
The FRC has also published transitional guidance. For further information, visit the FRC website.
