FRC Supervision Division Restructuring and Appointments
Released 29 July 2020
Earlier this year, the Financial Reporting Council (FRC) announced the creation of a new Supervision division. The aims of the new division are to:
•enhance forward-looking supervision of the largest audit firms alongside an expanded programme of audit inspections/file reviews;
•build thematic work across firms, addressing both audit quality and audit market resilience; and
•create audit firm ‘supervisors’, bringing together in one place functions which are currently split across AQR, AFMAS and (in relation to Constructive Engagement) the Case Examiner.
Implementation of the restructuring programme had been temporarily paused due to Covid-19. However, following a rigorous recruitment process the FRC has now announced three new senior appointments to take forward this work.
Further information can be found at https://www.frc.org.uk/news/july-2020/supervision-restructuring-and-appointments.