Mission
The PRG brings together representatives from the large UK audit firms to develop an understanding of evolving public interest issues and how these might be addressed to help maintain confidence in the profession to support the UK economy, and to participate constructively in shaping public policy.
Objectives
- Identify current and potential matters of common interest relating to public trust in, and the reputation of the UK’s largest firms, and the wider profession
- Act as a forum to enable discussion around these matters of common interest
- Provide a forum which enables stakeholders to engage with firms collectively, rather than individually, where this is most effective
- Proactively engage on regulatory and policy matters to help drive audit quality and further enhance trust in audit
Way of working
PRG works to achieve its mission by:
- Horizon Scanning and monitoring risks of relevance to the firms’ reputations;
- Acting as a channel of communication between the firms and stakeholders which include:
- Investors
- Regulators & Recognised Supervisory Bodies
- Government, Policymakers & Politicians
- Corporate & Trade Bodies
- Wider Society
- Operating as a forum for firms to understand each other’s points of view and where appropriate, co-ordinating actions to be taken with respect to the PRG mission
- Reporting regularly to the firms’ senior partners and Independent Non-Executives on actions
- Focusing on both policy and reputation
- Working closely with, and supporting the work of, the ICAEW and ICAS
In so doing, PRG has primary regard to the public interest and the firms’ collective societal role. The PRG takes full account of competition law and has an experienced competition lawyer in attendance in all its meetings and calls to ensure competition law compliance.
