Independent Review of the Financial Reporting Council
- Document type
- Corporate author(s)
- Great Britain. Dept. for Business, Energy and Industrial Strategy
- Department for Business, Energy and Industrial Strategy
- Date of publication
- 18 December 2018
- Small business & enterprise: the practicalities of running a small business and the theory of entrepreneurship
- Business and management
- Material type
The Financial Reporting Council (FRC) sets the governance standards the UK’s biggest companies are expected to live up to. It inspects the figures companies produce, and it oversees the quality of the audit work that is supposed to keep those figures honest. It therefore makes, or should make, a critical contribution to trust in business.
This independent review, led by Sir John Kingman, looks at the role and function of the FRC, its impact, effectiveness and powers. The report sets out 83 recommendations and suggests that the FRC be replaced with an independent statutory regulator.
The independent review was supported by an advisory group, the role of which was to advise, scrutinise and challenge.
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