The Financial Reporting Council (FRC) says its Annual Report and Accounts for 2023/24 highlights the organisation’s proactive approach to using its regulatory powers to drive improvements in audit quality and corporate reporting.

Richard Moriarty, CEO, said: “This year’s report demonstrates the FRC’s focus on smart, proportionate and targeted regulation that balances high standards with supporting UK economic growth and competitiveness across our broad remit and stakeholder ecosystem.”

He pointed to the FRC proactive approach and increased stakeholder engagement, which contribute to advances in shaping proportionate corporate reporting and governance.

Of note are the FRC’s completion of a major consultation on the UK Corporate Governance Code, engaging with more than 5,000 stakeholders to ensure proportionate and targeted regulation. It has also launched a review of the UK Stewardship Code to drive the right stewardship behaviours.

On the audit front, it has supported smaller audit firms in taking on larger and more complex clients. It is also helping to tackle the backlog in local audit. And it has established its presence in Birmingham through its new office, supporting regional growth and accessing a new talent pool outside London and the South East.