The UK accountancy bodies, enjoying Royal Charters, exercise considerable social power. They act as statutory regulators for the auditing and the insolvency sectors. The activities of the six bodies are coordinated through the Consultative Committee of Accountancy Bodies (CCAB), established in May 1974. Members of CIMA and CIPFA are not allowed to sign audit opinions. Since the formation of the Financial Reporting Council (FRC) as the regulator for accounting matters, CCAB became more focused on auditing and therefore less relevant to CIMA members. In March 2011, CIMA left CCAB.