Core Viewpoint - The Financial Reporting Council (FRC) is conducting a public consultation to enhance its Audit Enforcement Procedure (AEP), aiming for timely regulatory responses and stakeholder engagement [1][3]. Group 1: Consultation Details - The consultation will remain open until 9 January 2026, inviting feedback from various stakeholders including audit committees, audit firms, investors, and professional bodies [1]. - The proposed enhancements include three additional resolution methods, expanding the FRC's options to five pathways for addressing breaches of auditing and ethical standards [2]. Group 2: Proposed Changes - The revisions aim to provide a more graduated approach to enforcement, allowing the FRC to tailor responses based on the specifics of each case [2]. - New methods include Published Constructive Engagement, an Accelerated Procedure, and an Early Admissions Process, set to be implemented from 1 July 2026 [3]. Group 3: Strategic Alignment - This initiative aligns with the FRC's Future of Audit Supervision Strategy (FASS), launched in August 2025, to refine audit supervision practices [3]. - The FRC's CEO emphasized the importance of maintaining efficiency, effectiveness, and public trust in the enforcement processes [4]. Group 4: Recent Updates - In September 2025, the FRC updated its International Standards on Auditing (UK), which included amendments affecting quality control processes for audit firms [5].