Business

Audit regulator to be reviewed by government

The government has today launched a review of the powers of the audit regulator, the Financial Reporting Council (FRC).

It will assess the FRC's governance, impact and powers, to ensure the body is "fit for the future."

The review will be led by the chair of UK Research and Innovation Sir John Kingman, and is due to be completed by the end of 2018.

The news follows the business secretary Greg Clark calling for an independent review of the FRC earlier this year.

Read more: Greg Clark calls for independent inquiry into Financial Reporting Council

Kingman has been tasked with making the FRC "best in class" for corporate governance and transparency, and helping it fulfil its role of safeguarding the UK's leading business environment.

"The UK has a strong reputation as a dependable place to do business but this needs to be continuously updated and its important to ensure all of our regulators continue to drive high standards," said business secretary Greg Clark.

"I am pleased to appoint Sir John who has a rigorous approach to bring to bear in leading this comprehensive review of the Financial Reporting Council. This review is part of the governments Industrial Strategy aim of creating a business environment that ensures our regulators are fit for the future and our markets are working for consumers."

FRC chair Sir Win Bischoff welcomed the review, adding that he looked forward to contributing positively to it.

"Meeting public expectations means using our powers effectively, working closely with other regulators and identifying where gaps in those powers exist," he concluded.

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