The Financial Reporting Council’s chief executive, Paul Boyle, has defended
the amount of travel undertaken by his team.
Speaking at the organisation’s open annual general meeting, Boyle said: ‘Of
course, we do not spend all of our time on airplanes and the Eurostar: a
significant proportion of our resources are devoted to monitoring corporate
reporting and auditing in the UK.’
His comments come on the back of recent reports in which the organisation was
criticised for spending far too much on travel.
Boyle went on to outline the body’s growing international remit, which
included support for the International Accounting Standards Board’s convergence
project, the International Auditing and Assurance Board’s ‘Clarity’ project as
well as the FRC’s role in the development of international auditing regulation.
The chief executive also explained that the FRC’s spending over budget was
due entirely to a cost award of £1m, made when the Accountancy Investigation and
Discipline Board lost the Mayflower case.
He also said the organisation was taking legal advice on its position
relating to similar instances in the future and would be ready to reveal more on
this in September/October.
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