Watchdog begins search for lessons from crisis

Stephen Haddrill, FRC

The CFO of Reed Elsvier and the senior partner of PwC have joined a specially
convened project to help the profession’s chief watchdog learn lessons from the
financial crisis.

Mark Armour of Reed and Ian Powell of PwC join a committee of senior figures
from the profession as an advisory body to the Financial Reporting Council.

The group also include John Cridland, deputy director general of the CBI,
Steve Maslin of Grant Thornton, Keith Skeoch, CEO of Standard Life Investments
and Lindsay Tomlinson, MD of BlackRock.

The FRC will be looking for lesson from the crisis on accounting, corporate
reporting and audit.

The group with be chaired by FRC CEO Stephen Haddrill. He said the advisory
body would identify key lessons.

“Our aim is to apply these lessons to the issues within the FRC’s remit and
to consult on proposals for reform. It is time to get into the detail of the
auditing, accounting and corporate reporting practices that need to be changed
to enhance the relevance and value of information provided to the capital
markets and the assurance given by audit.”

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