The Financial Reporting Council (FRC) has announced in its 2021/22 strategy plans that will see it move towards becoming the new Audit, Reporting and Governance Authority (ARGA).
Its outlined strategy follows the government’s proposals for “restoring trust” in audit and corporate governance, which in part includes the creation of a new statutory regulator to replace the FRC.
The FRC said its strategy “takes into account the government’s stated intentions for the statutory objectives and governance of ARGA and its proposals to fund the new regulator through a statutory levy”.
It added that the objectives and work programme set out in the strategy reflect its continued commitment to serve the public interest whilst it moves to becoming ARGA.
As part of the process, and reflecting feedback to the consultation, the council revealed it will develop for publication a three year forward plan and further measures to report the progress and impact of its strategy.
Commenting on the new strategy, Sir Jon Thompson, CEO FRC said: “The FRC’s intention is to create an organisation which is ready to become ARGA as soon as the legislation permits, whilst becoming increasingly effective and resilient.
“We are pleased with the Government proposals and are in close contact with them to manage the next stages of the reform process following the period of consultation.”