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New, tough regulator to oversee U.K. audit

Paul Hodgson | March 11, 2019

The U.K.’s business secretary announced on 11 March that the Financial Reporting Council (FRC) will be replaced with a new regulator following a recent review conducted by Sir John Kingman of the London Stock Exchange. That overseer will have “a new mandate, new leadership, and stronger powers set down in law,” according to the press release from the Department for Business, Energy & Industrial Strategy (BEIS), and it will be called the “Audit, Reporting and Governance Authority.”

In addition, the BEIS published a consultation on implementing certain reforms that will open immediately and close on 11 June this year while the new regulator is being staffed and developed. The BEIS will work with the FRC to move forward 48 of the Kingman review’s 83 recommendations, such as tackling a lack of transparency and enhancing enforcement activity. The government...

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