PracticeAuditReport may trigger change at the top at FRC

Report may trigger change at the top at FRC

A radical shake-up at the Financial Reporting Council triggered by the Department of Trade & Industry's report on audit and accounting could lead to many changes in its key personnel.

Link: DTI report: FRC replaces the Foundation

Speculation in particular centres around the position of FRC chairman, Sir Bryan Nicholson, whose term still has another 18 months to run. Although he has performed the role competently so far, the trade secretary and governor of the Bank of England have the power to appoint and replace members of the FRC at any time and could see the reforms at the council as an ideal opportunity to bring a higher profile person into the position.

The current deputy chairman of the FRC and president of the ICAEW, Peter Wyman, is one of the names strongly tipped for the top job. He steps down from his position at the institute in July and his arduous work defending the UK against the more radical post-Enron reforms could help tip the scales in his favour.

To take up the role, Wyman would most likely have to give up his lucrative partner position at PricewaterhouseCoopers, which could prove a major stumbling block.

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