Structure
It is a company limited by guarantee, partly funded by government and the industry and its Board of Directors is appointed by the Secretary of State for Business, Innovation and Skills. It and its subsidiaries play crucial roles in the oversight and development of corporate governance standards in the UK, such as the UK Corporate Governance Code and standards for the accounting industry.
The FRC incorporates six operating bodies:
- Accounting Standards Board (ASB)
- Financial Reporting Review Panel (FRRP)
- Accountancy & Actuarial Discipline Board (AADB)
- Professional Oversight Board (POB)
- Auditing Practices Board (APB)
- Board for Actuarial Standards (BAS)
Read more about this topic: Financial Reporting Council
Famous quotes containing the word structure:
“The philosopher believes that the value of his philosophy lies in its totality, in its structure: posterity discovers it in the stones with which he built and with which other structures are subsequently built that are frequently better—and so, in the fact that that structure can be demolished and yet still possess value as material.”
—Friedrich Nietzsche (1844–1900)
“Man is more disposed to domination than freedom; and a structure of dominion not only gladdens the eye of the master who rears and protects it, but even its servants are uplifted by the thought that they are members of a whole, which rises high above the life and strength of single generations.”
—Karl Wilhelm Von Humboldt (1767–1835)
“A committee is organic rather than mechanical in its nature: it is not a structure but a plant. It takes root and grows, it flowers, wilts, and dies, scattering the seed from which other committees will bloom in their turn.”
—C. Northcote Parkinson (1909–1993)