Key responsibility of the
Financial Reporting Council:
- to setup / adopt the Accounting Standards/Financial
Reporting Standards and Auditing Standards with Standard Code of Conducts
for the professional Accountants;
- to license auditors and maintain a register of licensed
auditors and approval of firms;
- to monitor and review the authenticity and fairness of
financial reporting by public interest entities;
- to monitor the practice of auditors with a view to
maintaining high standards of professional conduct;
- to monitor and enforce compliance with Accounting
Standards/Financial Reporting Standards and Auditing Standards, etc.
