From 5 December 2022 all audit firms and responsible individuals who undertake statutory audit work for public interest entities (PIEs) will need to sign up on the new register, with the threat of an FRC inspection for non-compliance.

Audit firms currently auditing PIEs will need to apply and be approved to be included on the PIE audit register to prevent any disruption to their work before the December deadline.

There will be a transition period from 5 September to 4 December 2022 for existing audit firms of PIEs to submit transitional applications. Responses to a consultation earlier this year called for a longer transition period, but the FRC rejected any requests to delay the launch.