As Britain heads for its exit from the European Union, the country is launching a new audit and accounting regulator
U.K. Business Secretary Greg Clark said the Financial Reporting Council will be folded into a new regulator, the Audit, Reporting and Governance Authority. Photo: Simon Dawson/Bloomberg News 0 Comments By Nina Trentmann March 11, 2019 2:49 p.m. ET
The changes were announced by Business Secretary Greg Clark on Monday and come after an independent review into the audit and accounting sector by Sir John Kingman, chairman of Legal & General Group PLC. “The government intends to move swiftly to implement these reforms and overhaul the sector,” Mr. Clark said in a statement.
It will regulate the biggest audit firms directly and be given a bigger toolbox for sanctions, including new powers to require “rapid explanations” from companies and publish reports about a company’s conduct and management, Mr. Clark said. That reputation has suffered, endangering an industry that in 2017 accounted for £8.9 billion , or 1.5% of tax receipts in the U.K., and £59 billion to Britain’s gross domestic product, according to a study by Oxford Economics Ltd. released in November.
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