FRC issues (i) Consultation Conclusions and (ii) the 2021 Annual Inspection Report

23 Jun, 2022

The Financial Reporting Council (the FRC) today issues the Consultation Conclusions and the 2021 Annual Inspection Report (the Inspection Report).

Dr Kelvin Wong, Chairman of the FRC, concluded, “The Consultation Conclusions helps set the right tone regarding ensuring our regulatory principle and practice are practical and fair to the professional without comprising public interest. The publication of the 2021 Annual Inspection Report and the RCA Guide signifies our strong belief that regulation can be both coercive and educational. Through this consistent and transparent effort to communicate and be accountable to the market, we want to ensure our regulations are relevant to, and understood by the market for the purpose of promoting a self-imposed improvement culture within audit firms and across the profession."

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