Editor’s comment: audit regulator under fire

Months of audit failures and punitive fines for audit firms has left the Financial Reporting Council (FRC) under fire from all quarters, but now the government has set up the Kingsman review to assess its structures, powers and funding. Sara White, editor of Accountancy, says it may be time to rethink the regulator

The audit world is bracing itself for the latest shakeup as a month of endless announcements from the audit regulator about tougher sanctions and more robust monitoring for the top six firms, was met with the news that the government planned a wholesale review of the role and effectiveness of the Financial Reporting Council (FRC).

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