Auditing Practices Board The Auditing Practices Board Limited (APB) was originally established in 1991 as a committee of the Consultative Committee of Accountancy
Bodies, to take responsibility within both Ireland and the United Kingdom for setting standards of auditing with the objective of enhancing public confidence in the audit process and the quality and relevance of audit services in the public
Former structure The FRC used to incorporate six operating bodies: Accounting Standards Board The role of the Accounting Standards Board (ASB) was to issue accounting
standards in the United Kingdom and was recognised for that purpose under the Companies Act 1985.
 FRC replacement In March 2019, the government announced that the FRC would be replaced by a new regulator, the Audit, Reporting and Governance Authority (ARGA), with
enhanced powers, in an effort to “change the culture” of the accounting sector.
 A UK Government policy paper, Restoring trust in audit and corporate governance, was published on 19 March 2021, consulting on its proposed steps to establish the ARGA
and give it the formal duties, functions and powers it needs to be fully effective.
Financial Reporting Review Panel The Financial Reporting Review Panel (FRRP) was established in 1990 as a subsidiary of the United Kingdom’s Financial Reporting Council.
Board for Actuarial Standards Following the Morris Review of the Actuarial Profession, published in March 2005, HM Treasury asked the Financial Reporting Council
(FRC) to take on responsibility for oversight of the regulation of actuaries by the Institute and Faculty of Actuaries (IFoA) and the independent setting of technical actuarial standards.
The Conduct Committee is supported by three further Committees, members of whom, including the Chairs, sit on the Conduct Committee: o the Case Management Committee, whose
functions include monitoring and providing oversight in respect of enforcement investigations and tribunal proceedings; o the Audit Quality Review Committee; and o the Corporate Reporting Review Committee, which ensures the consistency and
quality of the FRC’s monitoring work.
In 2011, the Board published information for the first time about shortcomings in self-regulation by particular institutes.
 In December 2018, an independent review of the FRC, led by Sir John Kingman, recommended its replacement by a new Audit, Reporting and Governance Authority, a recommendation
followed by the government in March 2019.
Press reports highlighted comments about ACCA, which had implemented recommendations to improve its examination syllabus, but needed to pay greater attention to continuing
monitoring of members who had registered as auditors some years ago.
 The Board also operated an Audit Inspection Unit (AIU) that oversees auditing organisations and makes recommendations for appropriate regulatory actions by governmental
and professional authorities.
 Plans for the new regulator were included in the September 2019 Queen’s Speech and, despite concerns that the launch of ARGA might be delayed, the Department for Business,
Enterprise and Industrial Strategy (BEIS) told Accountancy Daily in February 2020 that “next steps on audit reform” would be taken in the first quarter of 2020.
The name change reflected the Board’s additional responsibility for oversight of the actuarial profession from that date.
It was a part of the Financial Reporting Council (FRC), the independent regulator of corporate governance and reporting in the UK.
Thus, FRC is now the authority that may issue accounting standards in the UK.
Advisory councils • Corporate Reporting – advises the FRC Executive on the development and maintenance of high quality, effective and proportionate Standards, Guidance,
SORPS and Practice Notes for accounting and narrative reporting work.
 Still under pressure to improve, in October 2018, the FRC proposed reforms, including banning from earning consultancy fees at businesses they audit, to tackle the “underlying
falling trust in business and the effectiveness of audit,” and severely rebuked KPMG.
The Board’s stated purpose was to support the FRC’s goal of investor and public confidence in the financial governance of business organisations.
 In July 2020, the FRC told the Big Four that they must submit plans by October 2020 to separate their audit and consultancy operations by 2024.
In 2002 APB was re-established under the auspices of The Accountancy Foundation and, following a UK government review, it has been transferred to the Financial Reporting Council
The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland based in London Wall in the City of London, responsible for regulating auditors, accountants
and actuaries, and setting the UK’s Corporate Governance and Stewardship Codes.
• Conduct Committee – responsible for overseeing the FRC’s work in promoting high quality corporate reporting.
Before 5 May 2006, the Board was known as the Professional Oversight Board for Accountancy.
It took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990.
The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management.
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Photo credit: https://www.flickr.com/photos/nikontino/13514131694/’]