About the FRC

The Financial Reporting Council (FRC), a body corporate set up under the Financial Reporting Act 2004.  It is an organisation under the aegis of the Ministry of Finance and Economic Development.  The FRC is mainly responsible for promoting confidence in corporate reporting and good corporate governance.

The Council main objects as defined in the FRAct are:

• to promote the provision of high quality reporting of financial and non-financial information by public interest entities.
• to promote the highest standards among licensed auditors
• to enhance the credibility of financial reporting and
• to improve the quality of accountancy and audit services

The benefits of good Financial Reporting are:

• promoting private sector growth and reducing volatility through
• Strengthening countries' financial architecture and reducing the risk of financial market crises together with the associated negative economic impact
• Contributing to foreign direct and portfolio investment
• Helping to mobilize domestic savings
• Facilitating the access of smaller-scale corporate borrowers to credit from the formal financial sector by lowering the barrier of high information and borrowing costs
• Allowing investors to evaluate corporate prospects and make informed decisions resulting in lower cost of capital and better allocation of resources and
• Facilitating integration into global financial and capital markets

Financial reporting is also a building block of a market-based monitoring of companies, which allows shareholders and the public at large to assess management performance, thus influencing behaviour.  High quality financial reporting may also contribute to improving the assessment and collection of taxes on corporate profits

Operating Arms of the FRC

The operating arms of the FRC would be the Audit Practice Review Unit and the Financial Reporting Monitoring Unit.  Each unit will be supported by a Panel of Experts

Members of the Council

Mr D.B.Seetulsingh    Chairman (appointed on 20 January 2005)

Council Members

Mr Y. Googoolye          Deputy Governor of the Bank of Mauritius (appointed on 1 August 2006)
Mr J.M. Meetarbhan    Chief Executive of the Financial Services Commission (appointed on 3 January 2006)
Mrs D.P.Chinien           Registrar of Companies ( appointed on 20 January 2005)
Mr M.J.Lamport           Representative from the Tertiary Education Institutions (appointed on 20 January 2005)
Mr K.Reetun                Chairperson of MIPA (appointed on 30 May 2005)
Mr V.Seetul:                Elected member of MIPA (appointed on 15 December 2006)