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Haddrill: policing the auditors post-ARD implementation

With the new EU Audit Regulations and Directive (ARD) rules now in force, the Financial Reporting Council (FRC) is taking on a much broader oversight role as the competent authority, with responsibility for inspecting up to 50 firms a year, explains Stephen Haddrill, FRC chief executive

On 17 June new audit legislation came into force, which not only has implications for audit firms, but fundamentally changes an audit regulator’s role and the future of audit regulation in the UK.

The new Audit Regulation and Directive (ARD), which applies to all member states in the EU, creates a competent authority for audit in the UK, and that is the Financial Reporting Council (FRC). It means the FRC must monitor the quality of audit work undertaken by any audit firm with a public interest entity (PIE) client.

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