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Financial Reporting Council The independent regulator for promoting confidence in corporate reporting and governance

The FRC


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 Financial Services, Good Governance and Institutional Reforms. 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
 
Dr ​Satyabhooshun Gupt Domah, Chairman (appointed on 13 July 2014)
 
 
Council Members
Mr Yandraduth Googoolye
 
First Deputy Governor of the Bank of Mauritius, (appointed on 01 August 2006)
 
Mrs Prabha Divanandum Chinien
 
Registrar of Companies, (appointed on 20 January 2005)
 
Mr Kuriachen Padassery Kuriakose
 
Acting Chief Executive, Financial Services Commission, (appointed on 04 June 2015)
 
Mr Matthew John Lamport
Senior Lecturer, Faculty of Law and Management, University of Mauritius, (appointed on 20 January 2005)
 
Mr Thierry Leung Hing Wah
Partner at Ernst & Young, (appointed on 20 January 2008)
 
 
 
Mr Priyaved Jhugroo 
 
Mr Donald Li Fook
 
Mr Heba Capdevila Jangeerkhan
 
Chairperson of MIPA, (appointed on 21 December 2015)
 
Representative of MIPA, (appointed on 26 October 2016)
 
Chairperson of Mauritius Institute of Directors, (appointed on 31 May 2017)
 
Mr Viswajithsingh Tuhobol
Officer-in-Charge of FRC