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New UK Watchdog Poised To Take On Embattled Audit Sector

Law360

15 Mar 2019
Reprinted with permission.

Morrison & Foerster senior counsel Howard Morris discusses Britain’s plan to transform its audit regime, which has set the stage for a radical shakeup of the accounting sector by a new regulator empowered to crack down on the industry in the wake of a series of scandals and corporate collapses in the Law360 article entitled, “New UK Watchdog Poised To Take On Embattled Audit Sector.” The government confirmed that the Financial Reporting Council will be abolished and replaced with an enhanced regulator called the Audit, Reporting and Governance Authority. The move comes after a damning review into the audit watchdog, prompted by the high-profile collapses of companies.

Morris said, “It has been a steady drumbeat of criticism of auditors and the FRC, but it may be the government will reform its regulation of the audit sector without breaking up the Big Four.”

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