FRC consults on three-year Plan and Budget to prepare for transition to ARGA
The FRC has published for comment its 3-year Plan for 2022-25, acknowledging the FRC’s continued commitment to being an effective and transparent regulator as it prepares to transition to the Audit, Reporting and Governance Authority.
It contains a detailed breakdown of intended expenditure for 2022-23 and a summary of the expected trajectory of overall costs and headcount for the following two years. As we await the Government response to its consultation, Restoring trust in audit and corporate governance, the FRC’s planning assumes that it will be granted regulatory powers and funding on a statutory footing during the three-year period covered by this plan. The Plan therefore reflects the FRC’s views and expectations on the likely operational impact of the change in the FRC’s status. In setting out this plan, the FRC considered how and when it will need to increase its capacity to adapt to new powers and responsibilities once ARGA is created, which the FRC expects will happen during 2023/24. Any comments on the 2022/23 Strategy and Plan & Budget should be sent to FRC.Plan.Budget@frc.org.uk by close on Tuesday, 1st March.
Published 26 January, 2022