THE FINANCIAL Reporting Advisory Board has announced plans to overhaul its structure, membership and operational arrangements.
The Treasury advisory body said in its annual report that it was making changes relating to the board’s future role, structure and operational arrangements so that it remains fit for purpose.
In relation to the board’s structure and membership, the main change is the addition of an independent accountant member.
To help achieve balance, the board’s membership is now categorised into four membership groupings comprising independents; preparers and users; auditors; and the relevant authorities.
Some operational processes have changed and others have been formalised, which include introduction of the FRAB Nominations Committee.
“These changes will ensure that the FRAB can continue to deliver effectively in its role as an independent advisory body, and in accordance with its remit,” said Kathryn Cearns, the FRAB chairman.
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