FRC publishes its 2022/2023 Annual Report and Accounts
25 Jul, 2023
The Financial Reporting Council (FRC) has published its Annual Report and Accounts for 2022/23.
The annual report and accounts outlines the progress made over 2022/23 and the work towards transitioning to the Audit, Reporting and Governance Authority (ARGA). It highlights a number of achievements during the year including:
- The launch of a consultation on enhancing the UK Corporate Governance Code and minimum standards for audit committees.
- Entering a Memorandum of Understanding with the Department for Levelling Up, Housing and Communities (DLUHC) to take on the role of shadow system leader for local audit.
- Continuing assertive supervision of audit firms and strong enforcement to hold firms accountable.
- Introducing regulatory innovations like the Scalebox and Audit Sandbox to drive improvements.
- Progressing work on the future ARGA funding model and locating ARGA headquarters in Birmingham.
The annual report and accounts also sets out the FRC's Strategic Priorities for 2023/24.
The press release and the full annual report are available on the FRC website.