The Financial Reporting Council (FRC), the UK's independent regulator responsible for promoting confidence in corporate reporting and governance, has this week published a report on its work in the quarter July - September 2009.
During the quarter, the FRC:
- Published a progress report and second consultation paper on its review of effectiveness of the Combined Code;
- Consulted on the proposals for the future of UK GAAP;
- Published the FRRP's Annual Activity report, based on a review of reports and accounts in the year to 31 March 09;
- Approved the exposure drafts of 33 clarified ISAs (UK and Ireland), clarified international Standard on Quality Control (UK and Ireland) and a revised Statement of the Scope and Authority of APB Pronouncements;
- Published the annual report to the Secretary of State on the POB's statutory oversight of the effectiveness of audit regulation;
- Published its first Technical Actuarial Standard on reporting on actuarial information;
- Issued a consultation paper on a Technical Actuarial Standard on Insurance; and
- Participated in the meeting of the International Forum of Independent Audit Regulators in Singapore.
In the October - December 2009 quarter, the FRC is planning to publish:
- Its final report on the review of the effectiveness of the Combined Code.
- Final Guidance for Directors of UK companies on going concern and liquidity risk.
- A consultation paper on non-audit services.
- A further report on the implementation of the Market Participants Group's recommendations on choice in the UK audit market.
- Final clarified ISAs (UK and Ireland), clarified international Standard on Quality Control (UK and Ireland) and revised Statement of the Scope and Authority of the APB's Pronouncements.
- The Audit Inspection Unit's public reports arising from the results of its 2008/09 programme of work.
- Technical Actuarial Standards on Data and Modelling.
- A consultation paper on a Technical Actuarial Standard on actuarial information for financial reporting.
- The outcome of the AADB's review of the Accountancy Scheme and a full draft of the revised Scheme.
- Its draft Plan and Levy Proposals for 2010/11 for consultation