FRC Scheme and Regulations
The FRC's role is the investigation, and where appropriate, hearing by disciplinary tribunal of public interest cases.
The Financial Reporting Council (FRC) is the investigative and disciplinary body responsible for considering cases raising important issues affecting the public interest.
The following professional accountancy bodies are participants in the scheme:
- the Institute of Chartered Accountants in England and Wales
- the Institute of Chartered Accountants of Scotland
- the Institute of Chartered Accountants in Ireland
- the Association of Chartered Certified Accountants
- the Chartered Institute of Management Accountants
- the Chartered Institute of Public Finance and Accountancy.
The normal channel of reference to the FRC for public interest cases is the accountancy or actuarial body primarily concerned. However, the FRC has the power to call in cases – after consultation with the relevant body – if it considers it is appropriate to do so.