FRC publishes three-year plan and takes further steps towards becoming ARGA
The Financial Reporting Council (FRC) has published its 3-year Plan, which sets out its progress towards establishing the new Audit, Reporting and Governance Authority (ARGA).
As the journey to ARGA continues, the Plan considers how, and when, the FRC will need to increase its capacity to adapt to new powers and responsibilities.
The Plan comprises a detailed breakdown of the FRC’s intended expenditure for 2022/23, alongside a summary of expected costs and headcount for the following two years. There are no substantive changes to the draft plan, published in January 2022, although there is a reduction of £0.8m to the 2022/23 budget from that featured in the earlier document.