The new regulator, the Audit, Reporting and Governance Authority, will replace the Financial Reporting Council. The change is being implemented pursuant to the recommendations of an Independent Review led by Sir John Kingman and published on December 18, 2018. The new regulatory body will regulate the largest audit firms directly; set standards for statutory audits, corporate reporting and corporate governance; and direct changes to accounts to be made directly, rather than through a court. A consultation on the recommendations contained in the Independent Review was published on March 11, 2019 in parallel to the government’s announcement of the recommendations; it will be open for comment for three months.
Independent Review of the Financial Reporting Council
Independent Review of the FRC – Initial Consultation on the Recommendations