Marek Grabowski is a member of the senior leadership group at the UK’s Financial Reporting Council (FRC). He is the FRC’s Director of Audit Policy. He leads the development and maintenance of the FRC’s auditing, assurance and ethical standards and related guidance for auditors and reporting accountants in the UK and the Republic of Ireland. In that role he has overseen the recent changes to the FRC’s auditing standards to enhance auditor communication with the audit committee and to enhance auditor reporting. Those enhancements are closely linked to parallel changes to the FRC’s UK Corporate Governance Code, that require directors to report on whether the annual report and accounts taken as a whole are fair, balanced and understandable and on the work of the audit committee, including matters raised with them by the auditor.
He also participates in broader FRC activities to influence and implement policy development for auditing in the EU and the UK. He authored the FRC’s publication: Professional Scepticism: Establishing a common understanding and reaffirming its central role in delivering audit quality. In addition, he was the Secretary to the UK Panel of Inquiry into Going Concern and Liquidity Risks, led by Lord Sharman, and was responsible for supporting the Panel in its work and for developing and drafting the Panel’s reports.
Marek has recently been appointed a Member of the International Auditing and Assurance Standards Board (IAASB) for an initial three year term from 2014 and was the Technical Advisor to IAASB member Jon Grant from 2010 to 2013. In that capacity, he has contributed to the work of the IAASB, participating in a number of its task forces including those developing revisions to the International Standards on Auditing that address: auditor reporting; using the work of the internal audit function; other information in documents containing the auditor’s report and the audited financial statements; and disclosures in the audited financial statements.
From 1990 to 2009, he was a partner in the UK Assurance practice of PricewaterhouseCoopers, having joined the firm in 1978. He was an audit partner, a global technical partner (IFRS) and a specialist Reporting Accountant for UK capital markets transaction prospectuses and circulars.
Marek qualified as a UK Chartered Accountant in 1981, has held Fellowship status (FCA) since 1993 and holds an MA in Natural Sciences from Christ’s College, Cambridge University, in the UK.
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