Link: DTI report in depth
The new Financial Reporting Council will replace the Accountancy Foundation and unite the functionality of the existing complex structure of different independent accountancy bodies.
Colin Reeves, director of the Foundation’s Review Board, will head the Professional Oversight Board in the new FRC. He is positive about the changes and believes it can ease past concerns about the complexity and relationships between the various oversight bodies.
Reeves said it was an advantage that the Review Board was set up less than two years ago. ‘It’s easier to change – a new body is more malleable than one that has existed for 20 years,’ he told AccountancyAge.com.
Apart from extending it oversight function to ethics, the future oversight board will lead the Audit Inspection Unit. The layout of this structure raises the question whether it will also handle the output of this unit by itself, or pass it on to the Discipline Board.
‘It is an important point, which hasn’t been answered yet. The Implementation Group, led by the DTI, will look at these questions and convert the principles in the report into action,’ Reeves explained.
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