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FRC sets new budget

28 March 2019

Change may be coming to the FRC, in the form of the ARGA, but it still needs to set out its draft plans and budget for the coming year.

The FRC has set its budget for 2019/20 at 38.1m. This is a jump of 11%, and the planned increase will help fund more audit quality reviews, audit firm monitoring, and other enforcement work. EU exit could add anything from 2.4m to 4.9m to this, and the government has agreed how these additional resources should be secured.

The main job of the FRC will be to support the transition to the new Audit, Reporting & Governance Authority. It also wants to drive a step change in audit quality in the UK, using its powers to set auditing and ethical standards and monitor and enforce audit quality.

FRC plans to promote the quality and usefulness of corporate reporting through its programme of reviews covering the whole annual report. It has expanded enforcement resources here to pursue an increasing workload. Another area it will be pushing is the new Stewardship Code.

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