12 Mar 2019
Britain will create a new regulator to police accountants who check the books of companies in response to collapses at construction firm Carillion and retailer BHS that triggered calls for root-and-branch reform of the audit sector its supervision.
Business minister Greg Clark said on Monday a new, more powerful regulator would replace the Financial Reporting Council (FRC), criticised by lawmakers for being “timid” in its handling of accountants and too close to the “Big Four” accounting firms that dominate auditing – PwC, KPMG, Deloitte and EY.
“This new body will build on our status as a great place to do business and will form an important part of strengthened public trust in business and the regulations that govern them,” Clark said in a statement.
– By Huw Jones, Reuters, 11 March 2019.
Link to Reuters
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