ABSTRACT
The main accounting regulatory authority in the UK is the Financial Reporting Council (FRC). The FRC is independent and sets standards for financial reporting and auditing. It is responsible for the monitoring and enforcement of those standards and works closely with the professional bodies to enhance the quality of accounting practice and reporting. The primary aim of the FRC is to reinforce the efficiency and credibility of the UK financial reporting and auditing system and to strengthen national and international investors’ and other market participants’ confidence.
