FRC plans major shake-up of audit enforcement

The audit regulator plans to overhaul the Audit Enforcement Procedure with a new accelerated procedure to make investigations faster

The proposals from the Financial Reporting Council (FRC) are designed to speed up the enforcement process and resolve misconduct case related to potential breaches of auditing and ethical standards faster.

In a new consultation, the FRC sets out three new options, the Accelerated Procedure to speed up the current years-long investigations process, the Published Constructive Engagement where findings are released and an Early Admissions Process.

The plan is to introduce the new AEP framework in July 2026.

Your free features:

Breaking news and expert analysis
Customisable daily newsletters
Six free CPD learning modules each year
Personalised CPD tracker
Top 75 Firms league tables
Regulatory changes
Hardman’s Tax Data

Finance | EY fined £1.2m for Made.com audit after ‘lack of management challenge’

Finance | Regulator raps BDO over ‘unacceptable’ audit quality

Tax | HMRC recklessness conduct offence extends scope of powers

Finance | FRC shakes up enforcement to identify audit failures faster

Finance | FRC freezes headcount as audit supervision system changes

Navigate

Tax Services

Your free features:

Sign up to Business & Accountancy Daily