Against a volatile geopolitical and economic backdrop, 2023 is shaping up to be another critical year for the accountancy and audit regulatory landscape.

The Financial Reporting Council’s (FRC) eventual transition to the Audit Regulation and Governance Authority (ARGA) will likely continue to overshadow accountancy/audit regulation discussions. In its draft three-year plan (2023-2026), the FRC is now assuming that the transition will take place in April 2024, which is significantly later than originally planned.

Notwithstanding this delay, the FRC has indicated it will nonetheless re-prioritise to capitalise on changes that can be made with existing non-legislative powers.