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:
“What is the most rigorous law of our being? Growth. No smallest atom of our moral, mental, or physical structure can stand still a year. It grows—it must grow; nothing can prevent it.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“If rightly made, a boat would be a sort of amphibious animal, a creature of two elements, related by one half its structure to some swift and shapely fish, and by the other to some strong-winged and graceful bird.”
—Henry David Thoreau (1817–1862)
“For the structure that we raise,
Time is with materials filled;
Our to-days and yesterdays
Are the blocks with which we build.”
—Henry Wadsworth Longfellow (1809–1882)