Big Four influence diluted at the FRC
Two non-Big Four members appointed to Auditing Practices Board following investor concerns
The Financial Reporting Council appears to have moved to alleviate investor
concerns over the Big Four’s influence within the regulator by appointing two
new non-Big Four members to the Auditing Practices Board.
Professor Andrew Chambers, director of audit and corporate governance
advisers Management Audit, and Martin Ward of ten-partner firm Dodd & Co,
have been drafted in to the audit standard setter, bringing ‘extensive auditing
experience which will enhance an already strong board’, according to FRC
chairman Sir Christopher Cox.
Investors have previously expressed unease over the number of Big Four alumni
on various boards at accounting’s watchdog. There was particular concern over
the APB where, prior to the new appointments, eight of the ten board members had
historical links to a Big Four firm.