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Independent review of the FRC calls for evidence

An independent review examining the role of the UK’s Financial Reporting Council (FRC) has called for evidence to be submitted by the regulator.

The review was launched following the collapse of Carillion as a select committee found that auditors had some part to play in the company’s demise and suggested that the FRC should have called into question the role of the auditing firms earlier.

Led by John Kingman, the review has requested that the FRC submit evidence relating to the regulator’s impact and effectiveness, governance and leadership, and funding, resources and staffing.

The call for evidence noted the question of the amount of power which the FRC has. It asked the question of whether or not confidentiality requirements need to be reconsidered, as the FRC cannot currently make public concerns it has about poor audit work in relation to individual companies without the both the auditor’s and company’s permission.

Additionally, the review has also welcomed the views from those affected by the FRC’s functions and its effectiveness including organisations and companies that fund the FRC and professional bodies which are regulated by the FRC.

Kingman said: “The review wants to hear the widest possible range of views on how the regulatory system can best deliver for the future.”

The FRC responded in a statement: “We welcome this independent review of the FRC’s governance, impact and powers. It is an opportunity to assess our past and our future. The Board is determined to meet public expectations and support UK business in attracting global investment for the long term.”

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