A consultation paper seeking views on proposed reforms to the structure of the Financial Reporting Council has been published. Responses due by 10 January 2012.
BIS and FRC consulted jointly on proposals to reform the FRC. The proposals were designed to clarify the FRC’s scope, streamline its governance and structure, and give it greater independence from the accountancy profession and a proportionate range of sanctions against poor quality auditing.
The response to the consultation helped the Department and the FRC refine the proposals. In particular the proposals have been amended to enhance the status of the expert groups that will advise the FRC Board on accounting, auditing and actuarial issues and to make clear the procedural safeguards that will be put in place as part of the FRC’s monitoring and enforcement work.
The Government intends, subject to Parliamentary approval, to bring forward secondary legislation for changes to come into force from Monday, 2nd July 2012.
The joint Government and FRC response was published on 27th March 2012