UK Gov't Report Calls For Audit Watchdog To Be Scrapped

Law360, London (December 18, 2018, 2:29 PM GMT) -- The accounting watchdog is a “hangover from a different era” and should be replaced with a new and more powerful independent statutory regulator, a U.K. government report published Tuesday recommends.

The government-commissioned investigation into the regulation of auditing has proposed that the Financial Reporting Council should be disbanded as swiftly as possible and replaced with a new entity, to be called the Audit, Reporting and Governance Authority.

John Kingman, chairman of Legal and General Group PLC, who led the investigation launched in April, said the FRC is a “hangover from a different era.” The council had failed in its approach to...

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