FRC issues its Annual Inspection Report

3 Jun, 2021

Financial Reporting Council (FRC) today issues its Annual Inspection Report which presents the full results of our inspections of listed entity audits in our first period of inspections from 1 October 2019 to 31 December 2020. During the period, the FRC completed 37 engagement inspections and 18 inspections of the quality control systems of listed entity audit firms.

Dr Kelvin Wong, Chairman of the FRC concluded, “Reporting of our findings enables the FRC to be accountable to the wider public interest not only through the effective discharge of our statutory functions but also by information sharing and public education. It also enables the FRC to amplify its regulatory impact by upholding high quality audits among auditors and promoting good corporate governance practices among listed entities.

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