Hewitt announces accountancy reforms
Trade secretary Patricia Hewitt has announced a package of reforms that will see major restructuring to the regulation of accountants and bring the Financial Services Authority in to help identify risk areas.
Trade secretary Patricia Hewitt has announced a package of reforms that will see major restructuring to the regulation of accountants and bring the Financial Services Authority in to help identify risk areas.
Link: Read the full report on Hewitt?s speech
Speaking in the House of Commons today Hewitt said the Financial Reporting Council would take over the functions of the Accountancy Foundation, the accountancy watchdog that barely got beyond the fledgling stage.
The FSA will also aid the Financial Reporting Review Panel to become more proactive in its regulation of company reporting.
Hewitt said the reforms were ‘tough’ but ‘measured and proportionate’ and would help ensure that corporate governance in the UK remains among the best in the world.
The package of reforms announced by Hewitt includes measures to: