Update on the UK’s Financial Reporting Council

During 2018 and 2019, there have been a series of initiatives sponsored by the UK Government which have led to proposals for the reform of the UK regulator, the Financial Reporting Council (FRC), and which will potentially lead to fundamental changes in the UK audit market; all of which could have implications for regulators and auditors further afield. The FRC has recently published an update on its progress in implementing the reforms, but as discussed below, there is still more to be done.