The new chief regulator for accountants and auditors will be the current
director general of the Association of British Insurers.
The Financial Reporting Council announced today that Stephen Haddrill had got
the job to succeed Paul Boyle who will leave the FRC later this year.
Haddrill is expected to start the new job in mid-November. He beat at least
one strong internal candidate to the post.
Haddrill said: ‘The financial crisis has raised important questions about the
future of accounting and governance. I look forward to ensuring that the FRC
finds the right answers, bringing in reform where necessary whilst preserving a
market-based system of governance.’
The new regulator will join the FRC at a critical time. Last week, in a
report on the banking crisis, MPs from the Treasury select committee requested
that the FRC ‘consult’ on a proposal that auditors be ‘prohibited’ from carrying
out non audit work for the same client. It also called on the FRC to consider
introducing a ‘graduated ladder of concern’ for auditors and directors who fear
they may have to make a ‘going concern’ statement on the prospects of a company.
Haddrill has been at the ABI since 2005 and before that was director general
of the Fair Markets Group at the department of trade where he took charge of
company law, trade and European issue and employment relations.
He is also currently a member of the Financial Crisis Advisory Group, the
body set up by the International Accounting Standards Board, and its US
counterpart FASB, to consider a response to the credit crunch and global crisis.
Sir Christopher Hogg, chairman of the FRC, said Haddrill had demonstrated a
commitment to ‘promoting higher standards of corporate reporting.’ And, in a
sign of where the future emphasis of FRC regulation may be, Sir Christopher
added: ‘His experience as director general of the Association of British
Insurers will also enable him to bring a strong investor perspective to the work
of the FRC.’
Bodies under the control of the FRC include the UK Accounting Standards
Board, the Auditing Practices Board, the Board for Actuarial Standards, the
Financial Reporting Review Panel, the Professional Oversight Board and the
Accountancy And Actuarial Discipline Board.
Paul Boyle will be working closely with Haddrill on a smooth handover.
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