About the Financial Reporting Council
The Financial Reporting Council (FRC) is a statutory body under the Australian Securities and Investments Commission Act 2001 (ASIC Act), as amended by the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004. The FRC is responsible for providing broad oversight of the process for setting accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Minister reports and advice on these matters.