McLaren: FRC’s vision for audit as the Competent Authority

As the Financial Reporting Council gears up as the overarching Competent Authority for audit oversight after the introduction of the EU Audit Regulations and Directive last year, Melanie McLaren, executive director for audit at the Financial Reporting Council (FRC) sets out the regulator's vision for the future of audit

As the UK’s Competent Authority, we have set a target for audit to have appropriate oversight, with a clear regulatory regime, and we will be doing everything we can to communicate the nature of the new regime. This took some working out between all of the stakeholders, but we now feel that we have a solid base to move forward from.

In the latest YouGov survey about confidence in audit, we were told that one of the most transformative things the FRC has done to promote confidence in audit is to re-establish where the relationship lies between the audited entity and the auditor.

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