ARGA future questioned as U.K. audit reform hits backburner
By 
Neil Hodge2023-12-18T18:57:00
The U.K. Financial Reporting Council’s (FRC) long-planned transition to become the Audit, Reporting and Governance Authority (ARGA) appears to be taking place no time soon.
The King’s Speech in November did not include parliamentary time to enact the legislation to create ARGA. The omission signified it is unlikely the FRC’s supposedly tougher replacement will be up and running before 2026/27—a prospect that might seem even more doubtful given there will be a general election by January 2025.
Some might even question whether the legislation will ever be of high enough priority to make it to the statute books.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleU.K. delays audit reforms even as regulator piles on financial pressure
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
-
News BriefFRC ups board responsibilities in corporate governance code revisions
The Financial Reporting Council held back on the latest round of updates to the U.K.’s corporate governance code, as the country remains wary of pushing away businesses and investors.
-
PremiumStiffer U.K. audit penalties posing more problems?
Legal experts are unconvinced record fines against audit firms imposed last year by the U.K. Financial Reporting Council will necessarily improve audit quality.
More from Regulatory Policy
-
ArticleEU agrees rules to make payment providers and online platforms liable for customer fraud losses
Payment service providers operating in the EU will have to cover customers’ losses from fraud if their fraud protection regimes are inadequate or poorly implemented under new EU rules.
-
ArticleCompliance told to focus on reality as Euro courts brace for slew of greenwashing cases
In 2025, the regulatory focus on greenwashing intensified globally. This trend is set to accelerate in 2026, and compliance has a key part to play in ensuring corporate statements are honest.
-
ArticleSFO guidance on evaluating compliance programs short on specifics, experts say
Companies looking for greater certainty about how they might avoid criminal prosecution for bribery, fraud, and corruption offences may find they’re going to be disappointed if they’re looking for definitive answers in the latest guidance from the U.K.’s main fraud investigator, say experts.