ICAS ICAS logo

Quicklinks

  1. About Us

    Find out about who we are and what we do here at ICAS.

  2. Find a CA

    Search our directory of individual CAs and Member organisations by name, location and professional criteria.

  3. CA Magazine

    View the latest issues of the dedicated magazine for ICAS Chartered Accountants.

  4. Contact Us

    Get in touch with ICAS by phone, email or post, with dedicated contacts for Members, Students and firms.

Login
  • Annual renewal
  • About us
  • Contact us
  • Find a CA
  1. About us
    1. Governance
  2. Members
    1. Become a member
    2. Newly qualified
    3. Manage my membership
    4. Benefits of membership
    5. Professional development
    6. CA Wellbeing
    7. Mentoring
    8. Member rewards
    9. Area networks
    10. International communities
    11. Get involved
    12. Top Young CAs
    13. Career breaks
    14. Proud to be a CA
    15. ICAS podcast
    16. Newly admitted members 2022
  3. CA Students
    1. Student information
    2. Student resources
    3. Learning requirements
    4. Learning updates
    5. Learning blog
    6. Totum Pro | Student discount card
  4. Become a CA
    1. How to become a CA
    2. Routes to becoming a CA
    3. CA Stories
    4. Find a training agreement
    5. Why become a CA
    6. Qualification information
    7. University exemptions
  5. Employers
    1. Become an Authorised Training Office
    2. Resources for Authorised Training Offices
    3. Professional entry
    4. Apprenticeships
  6. Find a CA
  7. ICAS events
    1. CA Summit
  8. CA magazine
  9. Insight series 2022
    1. Finance + Trust
    2. Finance + Technology
    3. Finance + EDI
    4. Finance + Mental Fitness
    5. Finance + Leadership
    6. Finance + Sustainability
  10. Professional resources
    1. Anti-money laundering
    2. Audit and assurance
    3. Brexit
    4. Charities
    5. Coronavirus
    6. Corporate and financial reporting
    7. Business and governance
    8. Ethics
    9. Insolvency
    10. ICAS Research
    11. Pensions
    12. Practice
    13. Public sector
    14. Sustainability
    15. Tax
  11. Regulation
    1. Complaints and sanctions
    2. Regulatory authorisations
    3. Guidance and help sheets
    4. Regulatory monitoring
  12. CA jobs
    1. Hays | A Trusted ICAS CA Jobs Partner
    2. CA jobs partner: Rutherford Cross
    3. Resources for your job search
    4. Advertise with CA jobs
    5. Director of Finance and Company Secretary | Glasgow
    6. Hays | A Trusted ICAS CA Jobs Partner
  13. Work at ICAS
    1. Business centres
    2. Meet our team
    3. Benefits
    4. Vacancies
    5. Imagine your career at ICAS
  14. Contact us
    1. Technical and regulation queries
    2. ICAS logo request

ICAS sets out vision for a refreshed FRC

Thames bridge in the sunshine
  • LinkedIn (opens new window)
  • Twitter (opens new window)
By Michelle Mullen, Executive Director of Standards, ICAS

25 October 2018

Key points:

  • ICAS has published its response to Sir John Kingman’s review of the FRC.
  • We believe engagement with PIE companies, auditors, and investors is key to the regulator’s future success.
  • This review cannot be considered in isolation – a wider debate is required over the purpose of audit.

ICAS has set out its vision for the Financial Reporting Council (or a successor body), centred around establishing a new core purpose to generate enhanced public trust in Public Interest Entities (PIE) and the audit profession.

We believe building a strong framework which engages PIE companies, auditors, and investors to achieve the highest quality of corporate governance, is key to the FRC’s future success.

Our proposals for the future reform of the FRC focus on its new Purpose, Governance, People and Funding. A summary of our response to the Independent Review of the Financial Reporting Council is set out below.

New purpose

We propose that the roles, responsibilities and resources of the FRC should be focused around four key activities:

  1. Corporate Governance
  2. Financial Reporting
  3. PIE Audit Regulation
  4. PIE Director Enforcement

Governance

To support a refreshed FRC, the governance arrangements should be simplified and enhanced. A wider governance framework, which includes new advisory boards, would enable the FRC to have access to the most current and relevant expertise, without compromising its executive functions. Fuller transparency, accountability and oversight should be a regulatory priority.

People and funding

To carry out this role, the FRC will need a broader funding model and attract and recruit the right skills, as well as ensure that it is financially independent from the accountancy bodies and those it regulates.

Beyond the FRC review

As the gatekeeper to the capital markets in the UK, the independent review of the FRC, led by Sir John Kingman, will be a key component of any future reforms, and will be critical to ensuring a balanced and credible outcome.

The review of the FRC, as well as the current CMA market study, should not be considered in isolation. By working together, companies, auditors, investors, government, regulators and the profession have an opportunity to join the dots. There is a much wider debate to be had over the purpose of audit and audit quality, as well as market choice. There is one common thread: Public Trust.

Read the ICAS response

Bruce Cartwright: Audit debate off and running

By Bruce Cartwright CA, ICAS CEO

10 October 2018

Photo of a time-lapsed London bridge

The Future of Assurance revisited

By James Barbour, Director, Policy Leadership and Anne Adrain, Head of Sustainability & Assurance

18 October 2018

2022 06 camag 2022 06 camag
ICAS logo

Footer links

  • Contact us
  • Terms and conditions
  • Modern slavery statement
  • Privacy notice
  • CA magazine

Connect with ICAS

  • Facebook (opens new window) Facebook Icon
  • Twitter (opens new window) Twitter Icon
  • LinkedIn (opens new window) LinkedIn Icon
  • Instagram (opens new window) Instagram Icon

ICAS is a member of the following bodies

  • Consultative Committee of Accountancy Bodies (opens new window) Consultative Committee of Accountancy Bodies logo
  • Chartered Accountants Worldwide (opens new window) Chartered Accountants Worldwide logo
  • Global Accounting Alliance (opens new window) Global Accounting Alliance
  • International Federation of Accountants (opens new window) IFAC
  • Access Accountancy (opens new window) Access Acountancy

Charities

  • ICAS Foundation (opens new window) ICAS Foundation
  • SCABA (opens new window) scaba
© ICAS 2022

The mark and designation “CA” is a registered trade mark of The Institute of Chartered Accountants of Scotland (ICAS), and is available for use in the UK and EU only to members of ICAS. If you are not a member of ICAS, you should not use the “CA” mark and designation in the UK or EU in relation to accountancy, tax or insolvency services. The mark and designation “Chartered Accountant” is a registered trade mark of ICAS, the Institute of Chartered Accountants of England and Wales and Chartered Accountants Ireland. If you are not a member of one of these organisations, you should not use the “Chartered Accountant” mark and designation in the UK or EU in relation to these services. Further restrictions on the use of these marks also apply where you are a member.

ICAS logo

Our cookie policy

ICAS.com uses cookies which are essential for our website to work. We would also like to use analytical cookies to help us improve our website and your user experience. Any data collected is anonymised. Please have a look at the further information in our cookie policy and confirm if you are happy for us to use analytical cookies: