The FRC is the independent disciplinary body for accountants and accountancy firms and actuaries in the UK.
With effect from 18 October 2012, and in accordance with the FRC reform programme, the functions of the FRC’s former accountancy and actuarial discipline board (AADB) are now exercised by the FRC and its conduct committee and executive counsel.
The FRC operates two separate disciplinary schemes, one for the accountancy profession and the other for the actuarial profession. The FRC’s conduct committee also has oversight over the operation of the disciplinary arrangements and regulatory activities of the accountancy institutes.
The schemes operate independently of the professional bodies and deal with cases of potential misconduct which raise or appear to raise important issues affecting the public interest in the UK. All other cases of potential misconduct continue to be dealt with by the individual institutes.
The accountancy scheme covers members and member firms of the following bodies:
- Institute of Chartered Accountants in England and Wales (ICAEW).
- Chartered Institute of Management Accountants (CIMA).
- Chartered Institute of Public Finance and Accountancy (CIPFA).
- Institute of Chartered Accountants in Ireland (ICAI).
- Association of Chartered Certified Accountants (ACCA).
- Institute of Chartered Accountants of Scotland (ICAS).
The scheme and supporting regulations contain the detailed rules which govern how cases are dealt with by the FRC and can be viewed below. Further information on how the FRC’s professional disciplinary function operates can be found on the FRC website.
See the FRC accountancy scheme
See the FRC accountancy regulations