Independent report

Financial Reporting Council: review 2018

Independent review of the Financial Reporting Council (FRC), the regulator for auditors, accountants and actuaries.

• From: Department for Business and Trade, Financial Reporting Council and Department for Business, Energy & Industrial Strategy
• Published: 17 April 2018
• Last updated: 18 December 2018 — See all updates

Documents

Independent review of the Financial Reporting Council (FRC) 2018: Final report

PDF, 770 KB, 95 pages

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Operation of the audit market: letter from Sir John Kingman to Rt Hon Greg Clark

PDF, 148 KB, 8 pages

Independent review of the Financial Reporting Council (FRC) 2018: Terms of Reference

PDF, 183 KB, 4 pages

Independent review of the Financial Reporting Council (FRC) 2018: Advisory Group members

PDF, 78.2 KB, 1 page

Details

This independent review, led by Sir John Kingman, looks at the role and function of the FRC, its impact, effectiveness and powers. The report sets out 83 recommendations and suggests that the FRC be replaced with an independent statutory regulator.

Sir John Kingman has also published his response to the Secretary of State’s request to consider if there should be any change to the way auditors are appointed and audit fees set.

Read the Secretary of State’s response.

The independent review was supported by an advisory group, the role of which was to advise, scrutinise and challenge. See the minutes of the advisory group meetings.

See the related call for evidence.

Published 17 April 2018

Last updated 18 December 2018 + show all updates

1. 18 December 2018

   Added the final report and Sir John Kingman's letter to the Secretary of State on the operation of the audit market.

2. 17 April 2018

   First published.