Cairn Energy chairman, Norman Murray, is to lead a working group tasked with
developing a code of best practice governance for firms that audit public
The group’s formation stems from a recommendation of the Market Participants
Group, which considered proposals and advised the Financial Reporting Council on
how to resolve issues of the lack of choice in the UK audit market.
Murray said that the development of the code of best practice governance is
an important initiative on which consultations will be held widely.
His immediate task is the formation of an Audit Firm Governance working
group, set to include individuals from accounting firms, investors and listed
FRC chairman, Sir Christopher Hogg, said he was delighted that Murray had
agreed to the appointment of chairing the group.
‘His wide professional, commercial and governance experience in the UK and
overseas will be of great value in ensuring that the results of the group’s work
will be both practical and effective,’ Hogg said.
Michael Izza, Chief Executive of the ICAEW – which is also part of the
project – said the institute looked forward to Murray’s leadership.
‘We regard it as an important part of the FRC’s overall project on Choice in
the UK Audit Market. It is through initiatives such as this that together we can
help to ensure that the UK audit profession remains world leading,’ Izza said.
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