FRC Enforcement – A Year in Review 2023/2024

In many ways, the Financial Reporting Council’s (“FRC”) 2023-2024 Annual Enforcement Review (the “AER”), presents many similar themes to the previous year. That is perhaps unsurprising given, until recently, the slow progress on audit reform, and that 2023 2024 itself displayed similar hallmarks to the prior year, with businesses continuing to deal with significant uncertainty and pressure remaining on the UK markets to appeal to investors. 

The AER and accompanying publicity emphasise that the FRC is focusing on proportionality and consistency in its enforcement outcomes, a sentiment and commitment that will no doubt be welcomed by those within the FRC’s jurisdiction.

In this publication we share our thoughts on some of the key themes and trends emerging from last year’s FRC enforcement activity and present our expectations of what may be to come.