Independent report

Financial Reporting Council: review 2018

Independent review of the Financial Reporting Council (FRC), the regulator for auditors, accountants and actuaries.


Independent review of the Financial Reporting Council (FRC) 2018: Final report

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email Please tell us what format you need. It will help us if you say what assistive technology you use.


This independent review, led by Sir John Kingman, looks at the role and function of the FRC, its impact, effectiveness and powers. The report sets out 83 recommendations and suggests that the FRC be replaced with an independent statutory regulator.

Sir John Kingman has also published his response to the Secretary of State’s request to consider if there should be any change to the way auditors are appointed and audit fees set.

Read the Secretary of State’s response.

The independent review was supported by an advisory group, the role of which was to advise, scrutinise and challenge. See the minutes of the advisory group meetings.

See the related call for evidence.

Published 17 April 2018
Last updated 18 December 2018 + show all updates
  1. Added the final report and Sir John Kingman's letter to the Secretary of State on the operation of the audit market.

  2. First published.