Country 1.

Organization

MAURITIUS FINANCIAL REPORTING COUNCIL (FRC) Established under the Financial Reporting Act 2004, with the following objects: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. Our vision: To be a model organisation in ensuring quality in auditing, financial and non-financial reporting. Our mission: To bring corporate confidence in auditing, financial and non-financial reporting among users of annual reports.

2. Board Composition and Members

A Chairperson suitably qualified and experienced in the field of business, finance accountancy or law; a Deputy Governor of the Bank of Mauritius; the Chief Executive of the Financial Services Commission; the Registrar of Companies an elected member of the Mauritius Institute of Professional Accountants; an academic from a tertiary education institution, knowledgeable in accounting and financial reporting matters; a professional from the financial services suitably qualified and experience in the field of business, finance or law, the Chairperson of the Mauritius Institute of Professional Accountants; and the Chairperson of the Mauritius Institute of Directors. Are the majority of the governing body non-practitioners Yes No

3. Funding arrangements

Describe the main funding arrangements, including the setting and approval of the budget and the fees, if any. The main funding arrangements are from Government grant. Is the funding free from undue influence by the profession Yes No

4. Inspection system

FRC has already started the on-site reviews. Inspection done by FRC staff.

Do you have the responsibility for recurring inspections of audit firms undertaking audits of public interest entities Yes No

Is this responsibility directly or through oversight of inspection undertaken by professional bodies Directly 5. Audit and Financial Market Through oversight

6 big firms (more than 50% market share) Other than big firms: around 30 for the year 2010 Public interest audits: 50%

6. Main other tasks performed by Member

Licensing/approval and education are the main tasks of FRC. Reviewing annual reports of PIEs to verify compliance with IFRS/IAS and Corporate Governance

7. Other information

3RD FLOOR, ANGLO MAURITIUS HOUSE, INTENDANCE STREET, PORT LOUIS, MAURITIUS TEL: (230) 213 6800 FAX: (230) 213 6900 E-MAIL: frc.mauritius@intnet.mu WEBSITE: www.frc.mu

8. Major Events and Activities

Workshops on Quality Control in Auditing. Workshops on IFRS.