Name: Understanding audit standards by Financial Reporting Council
Duration: 17 min 23 s
Description: As part of the FRC's campaign to support SMEs to engage with and access audit, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, and Mark Babington, Executive Director of Regulatory Standards, discuss the role of audit standards and how they can be applied in a proportionate and scalable way.

As part of the FRC's campaign to support SMEs to engage with and access audit, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, and Mark Babington, Executive Director of Regulatory Standards, discuss the role of audit standards and how they can be applied in a proportionate and scalable way.

Understanding audit standards

In this In Conversation podcast episode, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, is joined by Tara Trousdale, Finance Director, Rob Amponsah, Senior Marketing and Digital Communications Manager, and Kristianne Russell, Stakeholder Engagement Manager, to discuss the FRC's Annual Report and Accounts 2024/25. They explore how the FRC successfully reduced the report's length by 30% over the last three years while transitioning to new reporting requirements, the collaborative approach to avoiding repetition and enhancing accessibility, and reporting with the same transparency and clarity expected from regulated organisations.

Building the FRC's Annual Report and Accounts 2024/25

In this first instalment of the FRC's new podcast series on the UK Corporate Governance Code 2024, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, explores how the revised Code encourages Boards to support consistent cultures in their companies with Lauren Tynen, Senior Corporate Governance Policy Associate, and Anneke Thordsen, Audit Market Supervision Project Director.

In Conversation: Exploring Culture - UK Corporate Governance Code 2024

For the second episode of the FRC's podcast series exploring the UK Corporate Governance Code 2024, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, sits down to discuss the principles-based nature of corporate governance and the importance of 'comply or explain' with Tedi Jorgi, Senior Corporate Governance Policy Associate, and Paul Lee, Head of Stewardship and Sustainable Investment Strategy at Redington.

The conversation explores why the UK's principles-based approach empowers boards rather than constrains them, addresses misconceptions around 'comply or else', and discusses how companies can embrace the flexibility the code offers whilst delivering meaningful reporting.

In Conversation: Applying Principles - UK Corporate Governance Code 2024

Following on from the FRC's recent podcast episode on exploring 'What is an Audit', Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, is joined once again by Project Directors, Ramana McConnon and Peter Kitson, to delve into the key differences between audit and assurance. They also unpack the FRC's regulatory role in assurance, and the standards that govern it.  

In Conversation: What’s the difference between statutory audit and assurance?

Join Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs and Sarah Rapson, Executive Director of Supervision, as they discuss the FRC's latest phase of engagement on the Future of Audit Supervision Strategy (FASS). This episode explores how the FRC may evolve its supervisory approach to centre on firms' systems of quality management, moving towards a more proportionate and qualitative framework that supports audit quality across the entire market. Sarah shares insights from extensive stakeholder engagement and outlines key proposals including changes to inspection approaches and reporting methods. The consultation, running until 30 September, seeks views from all stakeholders with an interest in creating a supervisory environment that promotes a resilient audit market whilst reducing regulatory burden and supporting trust and confidence in UK businesses.

A consultation on the Future of Audit Supervision

For the third episode of the FRC's podcast series exploring the UK Corporate Governance Code 2024, Kate O’Neill, Director of Stakeholder Engagement and Corporate Affairs, is joined by Maureen Beresford, Director of Corporate Governance and Stewardship at the FRC, and Wendy Barnes, portfolio non-executive director and cyber resilience advisor.

The conversation focuses on the growing importance of cyber risk in corporate governance, particularly in light of the revised Code coming into effect in 2026. They discuss how boards can approach cyber risk as a strategic issue rather than a purely technical one, the role of board-level oversight, and the importance of building organisational resilience. The episode also highlights practical tools and frameworks available to support boards in navigating this evolving area.

In Conversation: Board leadership in relation to cyber risk - UK Corporate Governance Code 2024

In the final episode of the FRC's podcast series on the UK Corporate Governance Code 2024, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, is joined by Maureen Beresford, Director of Corporate Governance and Stewardship, and Kelvin Ernest Senior Policy Associate in the Corporate Governance team, for a thought-provoking discussion on the importance of remuneration and the vital role of the remuneration committee. Together, they unpack the purpose and significance of Section 5 of the Code, and explore why it plays such a crucial role in today's evolving corporate landscape.

In Conversation: Remuneration - UK Corporate Governance Code 2024

In this In Conversation podcast episode, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, discusses the FRC's emerging findings of its market study examining how small and medium-sixed enterprises (SMEs) engage with the audit market alongside Laura Warren, Director of Market Intelligence and Insights, Dhruve Shah, Deputy Director of Professional Bodies Supervision, and Peter Kitson, Audit and Assurance Project Director. 
 
Kate, Laura, Dhruve and Peter speak about the importance of proportionality and scalability in audit standards, how the FRC has facilitated this by developing a practice note to help auditors apply ISAs more proportionately to smaller entities, and the various other proposed remedies emerging from the study's findings.
 
Details of how to take part in the next steps of the FRC's year long campaign to support SME's access to audit can be found on the FRC's website, including an invite to join its upcoming roundtables beginning 9 September 2025. 

Findings and remedies from the FRC's SME audit market study

Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, sits down with Pauline Wallace, Chair of the UK Endorsement Board, as she prepares to step down on 10 September after 5 years leading the UKEB. Pauline has seen the UKEB grow from its conception to the influential organisation that we see today, and in this podcast she reflects on major achievements and why the UKEB is critical to the UK’s financial reporting environment. 

In Conversation with Pauline Wallace: Five years as UKEB Chair

For this In Conversation podcast episode, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, discusses the key changes in the recently revised UK Stewardship Code with Andrea Tweedie, Head of Stewardship.

Kate and Andrea cover the fundamental updates to the Code, including the revised definition of stewardship, its new reporting structure and restructured principles which differentiate between asset managers, asset owners, and service providers. They discuss the 2026 transition year arrangements, explaining how the transition year will work for existing signatories. Kate and Andrea also speak about the application process, touching on the support available for new and existing signatories.

Understanding audit standards

Financial Reporting Council

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