Audit updates: April 2019

In this month’s audit updates, FRC to be replaced by new audit regulator, PwC Colonial Bank fine, tougher going concern rules, multiple audit moves, whistleblower protection, Financial Reporting Lab future direction, poor value for money arrangements in local public bodies

FRC to be disbanded as government green lights new audit regulator

The Financial Reporting Council (FRC) will be closed and replaced with a new audit regulator following criticism of its effectiveness of the existing organisation following a string of audit scandals at major listed companies.

The move follows recommendations from the Kingman Review which recommended a complete overhaul of the FRC, and led to the early announcement that current CEO Stephen Haddrill would step down in 2019.

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FRC to be disbanded as government green lights new audit regulator

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