Financial Reporting Council: Staff
The question
To ask the Secretary of State for Business and Trade, for what reason (a) the number of staff and (b) staff costs have increased at the Financial Reporting Council since April 2017.
Answered by Blair McDougall
The Financial Reporting Council (FRC) has taken on several new responsibilities following its (2016) designation as competent authority for audit, and additional work resulting from the UK's exit from the European Union. These include the registration of additional third country auditors, a new programme of assessing third country audit regulatory equivalence and adequacy, and supporting agreements on the mutual recognition of professional qualifications. The FRC has also put extra resource into the supervision of audits and expediting enforcement proceedings.
Staff costs have increased in direct proportion to the increase in headcount.
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