PracticeAccounting FirmsICAEW protests against FRC appointments

ICAEW protests against FRC appointments

The government yesterday was accused of hijacking future chairman appointments to the Financial Reporting Council, the independent body that last week was given extended powers to regulate the accountancy profession.

Link: Report may trigger change at the top at FRC

The ICAEW has written to ministers to protest against the abolishment of joint appointment responsibility by the trade secretary and the Bank of England governor. Ministers intend to make FRC chairman and deputy chairman appointments their sole responsibility.

‘The experience in the US of appointments made entirely by politicians is not a healthy one,’ said ICAEW member Stella Fearnley.

The DTI explained ministers’ decision saying ministerial appointment was appropriate in view of the ‘strong public interest’ in the FRC’s regulatory responsibilities.

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