Released 08 April 2021
The Financial Reporting Council (FRC) has published its Strategy for 2021/22 after a period of consultation in which respondents expressed broad support for the FRC’s progress towards the new Audit, Reporting and Governance Authority (ARGA).
The Government has published its proposals for restoring trust in audit and corporate governance. These proposals include the establishment of a new statutory regulator to replace the FRC. The FRC’s plan takes into account the Government’s stated intentions for the statutory objectives and governance of ARGA and its proposals to fund the new regulator through a statutory levy. It also takes further steps towards the growth that will be required to deliver new or enhanced regulatory activities.
Further information can be found at https://www.frc.org.uk/news/april-2021/frc-on-track-to-become-a-new,-more-resilient-regul.