FRC unveils updated audit oversight model to reinforce UK market

The Financial Reporting Council (FRC) is introducing a revised model for supervising audit practitioners in the UK, aiming to create a more proportionate and integrated framework to support audit quality and market resilience. The move follows extensive engagement with stakeholders. The regulator has been working with companies and recognised supervisory bodies since 2018 to address weaknesses and raise audit quality standards. FRC chief executive Richard Moriarty said: “The evolution of our approach to ...