Regulators

Financial Reporting Council (UK)

The Financial Reporting Council (FRC) is the UK's independent regulator for corporate reporting and governance. Its purpose is to promote and secure good financial reporting and it is funded jointly by the Department of Trade and Industry, the Consultative Committee of Accountancy Bodies (CCAB) and limited companies.

The Professional Oversight Board  (POB) is part of the FRC and its role is to oversee the CCAB bodies’ arrangements for regulating and disciplining members. It ensures that they uphold ethical standards, as well as addressing matters relating to auditor independence.

The Auditing Practices Board (ASB) plays a key part in the development of auditing and assurance services standards and their effective application. Its responsibilities have also been extended to the development of ethical standards relating to the independence, objectivity and integrity of auditors.

A number of publications listing the APB Ethical Standards are also available. These cover the integrity, objectivity and independence for auditors and apply in the audit of financial statements.

The APB Ethical Standards for Reporting Accountants are not yet available but will be listed as soon as they are released. A consultation is accessible on CIMA’s Consultations Database or view the APB Consultation Paper: draft Ethical Standards for Reporting Accountants).

There are a number of other FRC-linked subsidiary bodies e.g. Accounting Standards Board (ASB), Accountancy Investigation and Discipline Board (AIDB), etc. that provide various standards and procedures. The full list is available on the FRC website.

Financial Accounting Standards Board (UK)

The Financial Accounting Standards Board (FASB) aims to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information.

Financial Services (UK)

The Financial Services Authority (FSA) is an independent UK non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. The primary aims of the FSA are to regulate the financial industry in the UK to satisfy a number of core objectives, such as consumer protection and to maintain market confidence.

It has published the FSA Handbook of rules and guidance for all authorised financial firms carrying out business in the UK. From November 2004, the Government added to the scope of the FSA’s regulatory activities by including regulation of mortgage business and, since January 2005, general insurance activities.

HM Revenues and Customs (UK)

HM Revenues and Customs (HMRC) is responsible for collecting the bulk of tax revenue, as well as paying Tax Credits and Child Benefits in the UK. Their website has a number of resources available for individuals, businesses and corporates.

Department of Trade and Industry (UK)

The Department of Trade and Industry (DTI) focuses on supporting business to drive and sustain the UK’s economic growth, including information on specific industry issues and legislation guidance.

Department of Enterprise, Trade and Employment (Ireland)

The Department of Enterprise, Trade and Employment (DETE) is a Government department that aims to focuses on sustaining and driving economic growth in Ireland. Visit the website to obtain information on various topics such as employment issues, legislation guidance and starting your own business. 

Charity Commission (England and Wales)

The Charity Commission is established by law and is the regulator and registrar of charities in England and Wales. Comprehensive information is available on its website and includes details of how to register a charity, preparing accounts for charities and other associated activities. It also provides guidance on all aspects of charity-related activities. 

View a detailed list of guidance documents on the Charity Commission publications page.

Office of the Scottish Charity Regulator

The Office of the Scottish Charity Regulator (OSCR) is responsible for regulating Scottish Charities. They are an Executive Agency created under the terms of the Scotland Act 1998 and part of the Scottish Executive Development Department.

Irish Auditing and Accounting Supervisory Authority

The Irish Auditing and Accounting Supervisory Authority (IAASA) was established after the provisions of Part 2 of the Companies (Auditing and Accounting) Act, 2003.
IAASA has a number of core objectives (Section 8 of the Companies Act 2003) based around regulating and monitoring members, promoting professional standards in the auditing and accountancy profession and monitoring compliance of company accounts with the Companies Act 2003.

Public Company Accounting Oversight Board (USA)

The Public Company Accounting Oversight Board (PCAOB) was created after the Sarbanes-Oxley Act, 2002 and is a US-based private, non-profit corporation responsible for overseeing auditors of public companies to ensure fair and independent reporting and protect the public interest.

Securities and Exchange Commission (USA)

The US Securities and Exchange Commission aims to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. There are a number of rules and regulations that govern this financial area listed on their website.   

International Organization of Securities Commissions

The International Organization of Securities Commissions (IOSCO) consists of member agencies that have a number of key aims, such as upholding standards of regulation to maintain sound markets, establish standards and surveillance of international securities transactions and perform effective enforcement against offences.