Global S&T Development Trend Analysis Platform of Resources and Environment
Audit regime in the UK to be transformed with new regulator | |
admin | |
2019-03-11 | |
发布年 | 2019 |
语种 | 英语 |
国家 | 英国 |
领域 | 气候变化 |
正文(英文) | Press release Audit regime in the UK to be transformed with new regulatorFinancial Reporting Council to be replaced with a new regulator following review by Sir John Kingman ![]()
The Business Secretary Greg Clark will today (11 March 2019) announce a new enhanced regulator to transform the audit and accounting sector in response to the comprehensive Independent Review led by Sir John Kingman. As per the review’s recommendations, the Financial Reporting Council (FRC) will be replaced with a new regulator called the Audit, Reporting and Governance Authority. The government welcomes and shares the Review’s vision for a new regulator with a new mandate, new leadership and stronger statutory powers and has published a consultation today on implementing these reforms. The government intends to move swiftly to implement these reforms and overhaul the sector. In the interim period until the new regulator is in place, we will be working with the FRC taking forward 48 of the Review’s recommendations to address the shortcomings identified in the Review such as lack of transparency and to reinforce work to enhance enforcement activity. Specifically, the new regulator will for the first time:
There will also be greater sanctions available in cases of corporate failure, including new powers to require rapid explanations from companies and in the most serious cases publish a report about the company’s conduct and management. Secretary of State for Business, Energy and Industrial Strategy Greg Clark said:
The UK has always been a world leader in audit and accounting services, with world-class frameworks for corporate reporting, corporate governance and regulatory oversight. Our modern Industrial Strategy sets out our vision to ensure that the UK is the best place to invest, start and grow a business. The creation of a new regulator will ensure that the UK maintains and advances its status as a place of the highest standards in audit. The government sees a tough and robust regulator, and an audit sector with the highest standards, as a key part of attracting investors, jobs and growth to the UK. Sir John Kingman, Chairman of the Independent Review of the FRC said:
There is a range of important work taking place in relation to the audit market and the government looks forward to receiving the findings of the Competition and Markets Authority’s market study and Sir Donald Brydon’s Review into the quality and effectiveness of audit. The establishment of new leadership at the top of the FRC, which will transition into the Audit, Reporting and Governance Authority will also begin, with the recruitment for the Chair and Deputy Chair opening shortly. Notes to editorsConsultation: Independent review of the Financial Reporting Council: initial consultation on recommendations. It will run for 12 weeks and will close on 11 June The Independent Review of the Financial Reporting Council (FRC) led by Sir John Kingman published its report to government on 18 December. One of the recommendations was that the FRC be replaced with a new regulator with new powers, accountable to Parliament and named the Audit, Reporting and Governance Authority. The Government commissioned Sir John Kingman in April 2018 to make recommendations on how to reform the Financial Reporting Council to ensure the UK has a world class audit and accounting regulator. Details for recruitment campaign for the Chair and Deputy Chair available
Published 11 March 2019
|
URL | 查看原文 |
来源平台 | GOV.UK - Department for Business, Energy & Industrial Strategy |
文献类型 | 新闻 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/105630 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | admin. Audit regime in the UK to be transformed with new regulator. 2019. |
条目包含的文件 | 条目无相关文件。 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
查看访问统计 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[admin]的文章 |
百度学术 |
百度学术中相似的文章 |
[admin]的文章 |
必应学术 |
必应学术中相似的文章 |
[admin]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论