FRC to be quizzed over creeping regulation

The Financial Reporting
Council is set to come under fire at its open AGM next week with claims that
it has introduced unnecessary regulation in the UK.

The body risks being quizzed on Tuesday over the issue, after a Big Four
partner claimed there were worries over creeping regulation.

The FRC is becoming too much like US bodies, in its unnecessary issuing of
more rules, the partner said. ‘Most companies and firms have faith in the UK
audit market. [The FRC] shouldn’t try so hard… the problems in the US were sown
about 20 years ago and it was Sarbanes-Oxley that just tipped people over the
edge,’ the source said.

‘We’re concerned with the great amount of international travel that seems to
be taking place, as well as the payment for international advisers. The FRC
seems to be getting larger by the day.’

FRC chief executive Paul Boyle said the AGM would be open so that questions
could be put to the regulator: ‘There’s a huge international aspect to our work.
There’s a number of developments that emanate from Brussels and Washington. We
have to attend these if we’re to protect UK interests,’ said Boyle.