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.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group