The government has launched an independent review of the Financial Reporting Council (FRC). This review will assess the FRC’s governance and transparency; the avoidance of conflicts of interest, its independence, oversight and accountability; and its impact, resources and capacity. The review follows significant changes to the FRC’s remit since it was last reviewed in 2011/12 and some stakeholder groups calling for the FRC to demonstrate greater independence from those they regulate. The review is due for completion by the end of 2018. See more here.
Earlier this month, the FRC also announced plans to enhance its monitoring of the six largest audit firms. See more here.