Senior figures within the industry and in regulation believe the announcement could come by the end of the month and will be viewed as part of the ongoing efforts of government to deal with the profession in the wake of Enron and WorldCom. But it is still not clear how a beefed-up FRRP would be funded or how it would fit into any new regulatory structure produced by the current DTI review.
Industry observers believe there is support for a proactive FRRP and believe it could be based on an FSA-type model of making risk-assessments and targeting areas thought to present the greatest threat. But there are concerns about a revitalised FRRP. An insider said it had to be handled carefully in case the panel slipped into the role of pre-clearing accounting treatments – thought likely to undermine setting accounting standards.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements