The Financial Reporting Council (FRC) has announced its plan to reclaim control of PIE auditor registrations in a consultation, the new measures would reclaim responsibility for the approval and registration of audit firms conducting PIE audits from the Recognised Supervisory Bodies. As registration powers already exist, they can be reclaimed by the FRC without the need for a new law. The new system could be in place by the middle of this year, affecting about 30 accounting firms that sign off the books of roughly 2,000 PIEs.

This consultation ran from 14 April 2022 to 26 May 2022. The FRC will carefully consider all submissions received in response to this consultation before finalising the PIE Regulations (including Appeal Rules), Guidance, and Eligibility Criteria.

The FRC expects to roll out the new PIE registration from September 2022.

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