The Financial Reporting Council (FRC) is the UK competent authority for statutory audit. It recognises the RSBs and RQBs, delegates day-to-day supervision of registered auditors to the RSBs under delegation agreements, and retains direct oversight of the largest (public-interest-entity) audits. For years the plan was to replace the FRC with a stronger statutory regulator, the Audit, Reporting and Governance Authority (ARGA), via the Audit Reform and Corporate Governance Bill (re-announced in the July 2024 King’s Speech). In early 2026 the Government confirmed it is not proceeding with the Bill this parliamentary session, so ARGA is not happening for now and the FRC remains the regulator; the Government has signalled it still intends to put the FRC on a statutory footing by other means. Content must name the regulator as the FRC and must not publish “ARGA replaces the FRC” as fact.
Sources & verification
- The FRC is the UK competent authority for statutory audit; it delegates day-to-day supervision to the Recognised Supervisory Bodies and retains direct oversight of public-interest-entity audits — source, verified 2026-06-10
- The Government confirmed in early 2026 that it is not proceeding with the Audit Reform and Corporate Governance Bill, so the planned replacement of the FRC by ARGA is not happening for now — the FRC remains the regulator (do not state that ARGA has replaced the FRC) — source, verified 2026-06-12
Verified reference information — not professional, medical, legal or careers advice. Regulations change; always check the cited primary source before relying on it.