THE FINANCIAL Reporting Council (FRC) has announced a number of key changes to its executive structure following the release of its 2016/19 strategy.
Taking effect from 1 April next year, the new divisional structure will fuse responsibilities and harness resources in a bid to achieve the audit and accounting watchdog’s primary objectives.
Among them are ensuring recent change is embedded to deliver high quality corporate reporting, raising audit quality by “making a success of EU legislation on audit” and promoting best practice and an ‘improvement culture’. It also wants to ramp up standards in regulation and holding people to account.
Paul George will become executive director of corporate reporting and governance, which will include the FRC’s role in actuarial policy, while Melanie McLaren will be executive director of audit, which will include oversight of the audit, accounting and actuarial professions. Both will continue to be members of the FRC board.
The FRC’s executive counsel, Gareth Rees, will lead the enforcement division and join the executive committee.
Meanwhile, Anne McArthur continues in her role as general counsel and company secretary leading the governance and legal team and is a member of the executive committee.
A new role of executive director strategy and resources will ensure the regulator has the resources and processes to support its three year strategy and meet its new responsibilities as the UK’s competent authority, its funding needs and the government’s deregulatory challenge.
Stephen Haddrill, CEO of the FRC, said: “The FRC’s goal is to ensure reporting and audit in the UK are world leading and provide assurance to global investors. Our new executive structure will ensure we can meet the objectives of our 2016/19 strategy effectively and efficiently to maintain the UK’s dominant position in global capital markets.”
In October, the FRC injected some new blood into its Codes and Standards Committee (C&S) and changes to the membership of its advisory Councils.
Among them was Sue Harris, an independent NED and chair of the audit committee of AIM-listed biotech firm, Abcam and Bank of Ireland UK, joins Ashok Gupta, who chairs AA Insurance Services and eValue Investment Solutions – on the FRC’s C&S committee.
UK senior partner Phil Verity has been elected for a second term at Mazars
ACCA and Morison KSi have signed a global Memorandum of Understanding (MOU) to raise accountancy profession standards
Drastically fewer offices for HMRC in the hope to reduce their running costs
An audit partner has been appointed at Grant Thornton in its North West offices