So it's the Financial Reporting Council that will reign supreme in the brave new world of UK audit and accountancy. No surprise there after the blanket leaking of the DTI's reform proposals ahead of last week's formal announcement.
But the next stage is significant: which personalities will emerge as the real powerbrokers of the new order?
Sir Gordon Borrie has made little impact as chair of the Foundation while Sir John Bourn has also failed to stamp his authority on the regulatory framework. Sir Bryan Nicholson has been a competent chairman of the FRC but is now the time for someone who has made a real impact in recent months to take the reigns?
Peter Wyman has led not just the ICAEW, but the entire accountancy industry in recent months. His appointment would be welcomed in Whitehall and – importantly, given the imminent introduction of international accounting standards – Washington.
It looks a logical move. But would he want it?