UKSA expresses its disappointment in the government’s dismal performance on restoring trust in audit and governance in its response to the FRC’s draft budget and plan 2024-25 for consultation.
The FRC published its draft budget and plan 2024-25 for consultation on 15th December 2023 and we responded on 22nd January 2024.
We made four points:
- Our disappointment with the government on not completing the transition of the FRC into the Audit, Reporting and Governance Authority (ARGA) and not implementing ARGA authority to go after all directors for corporate reporting breaches, not just those who are professional accountants
- The need for the FRC to focus on what it is supposed to do - ensure transparency and integrity in corporate reporting, auditing and governance - and not get distracted by competition objectives
- Drop the audit competition strategic objective, which again is not really the job of a regulator, and
- Continue developing reporting technology and digital reporting.
