PracticeAuditFRC making ‘significant progress’

FRC making 'significant progress'

Annual report describes regulators contribution to high quality reporting

Independent regulator, the Financial Reporting Council, has published its
annual report for 2005/06.

Paul Boyle, chief executive of the FRC, said the regulator had either
‘completed or made significant progress on the major projects and activities we
planned for 2005/06’.

’We have set ourselves a number of significant goals for 2006/07 and believe
we can make a further cost-effective contribution to promoting confidence in
corporate reporting and governance in the next 12 months,’ Boyle said.

The report describes the way in which the FRC has contributed to high quality
corporate reporting, auditing and governance and the integrity, competence and
transparency of the accountancy profession during 2005/06.

It also illustrates how the FRC has incorporated the Better Regulation
Executive principles of good regulation in the way it works.

Sir Christopher Hogg, chair of the FRC, said: ‘The FRC’s annual report for
2005/06 sets out what we achieved during the year and highlights the degree to
which we rely on the informed and active involvement of our stakeholders –
including preparers, auditors and users of financial statements, boards of
companies, investors and trustees.’

The full report can be downloaded at www.frc.org.uk

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