• Register
Return to: Home > News > Independent review of the FRC calls for evidence

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.”

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.