FRC set to remove audit firm registration from institutes

The Financial Reporting Council has issued a six-week consultation on plans to give it the power to register and strike off auditors of listed companies, removing responsibility from the professional institutes

The plans are very advanced with draft regulations already written and implementation date likely to be September this year.

The consultation sets out plans to take over the registration of auditors of public interest entities (PIEs) from the recognised supervisory bodies (RSBs), including ICAEW, ICAS and ACCA, and outlines how it would extend its powers to strike off audit firms.

There is a tight timeframe for implementation of the register, with FRC indicating that the new rules will be in place from September 2022, although there will be an initial transition period.

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