Financial Reporting Council (FRC)
The functions we exercise in pursuit of our aim can be summarised as follows:
• promoting high standards of corporate governance
• setting, monitoring and enforcing accounting and auditing standard
• setting actuarial standards
• statutory oversight and regulation of auditors
• operating an independent investigation and discipline scheme for public interest cases
• overseeing the regulatory activities of the professional accountancy and actuarial bodies
Accounting Standards Board (ASB):
The role of the Accounting Standards Board (ASB) is to issue accounting standards in the United Kingdom. It is recognised for that purpose under the Companies Act 1985. It took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990.
Auditing Practices Board (APB)
The Auditing Practices Board (APB) was established in April 2002, and replaces a previous APB which had been in place since 1991. APB is a part of the Financial Reporting Council. The APB is committed to leading the development of auditing practice in the United Kingdom and the Republic of Ireland so as to:
• establish high standards of auditing;
• meet the developing needs of users of financial information; and
• Ensure public confidence in the auditing process.
Professional Oversight Board (POB)
The Professional Oversight Board contributes to the achievement of the Financial Reporting Council's own fundamental aim of supporting investor, market and public confidence in the financial and governance stewardship of listed a ...