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FRC to be refocused and streamlined!

18 October 2011

Giving the FRC a clearer role, by April 2012

Consultation has begun on refocusing and streamlining the Financial Reporting Council (FRC). The aim of the reform is to create an FRC that is clearer about its role and purpose, and in a strong position to promote the highest standards of corporate reporting, governance and auditing.
The government want to know if the FRC's regulatory activities should be narrowed to focus on areas of greatest concern to the operation of capital markets. The consultation also proposes reinforcing the FRC's independence by providing it, among other things, with the power to require a Recognised Supervisory Body to impose sanctions on an audit firm/individual. The consultation ends on 10 January 2012 with changes implemented by April 2012.

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