ACCOUNTING’s WATCHDOG wants more flexibility away from the professional institutes to make its own decisions over disciplining their members.
A joint consultation launched by the BIS and the Financial Reporting Council (FRC) looks to narrow the scope of the FRC’s disciplinary arrangements.
The FRC wants to handle cases that cover the quality of work and conduct of accountants in preparing and auditing reports for the capital markets, leaving other cases of potential misconduct to be dealt with by the institutes.
It wants the power to require the institutes to impose sanction on firms or auditors in respect of poor quality work, and to make its own disciplinary arrangements without needing to obtain permission from them.
As reported yesterday, the FRC also proposes replacing the council’s seven-board structure with two board committees – for codes and standards, and the other on conduct.
“A streamlined, unified FRC will help us to regulate less and carry out our role more effectively,” said FRC chairman baroness Hogg.
The consultation runs to 10 January 2012.
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Internal auditors are earn more than external consulting auditors, analysis by salary-bench marking site Emolument.com has found
ICAS and the FRC have called for action to prevent a potential audit skills gap in the future, with the launch of a new report
This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code