The UK’s Financial Reporting Council (FRC) has announced plans for a ‘major shakeup’ of its oversight and supervisory functions to speed up the pace of enforcement investigations.
To speed up the investigation and conclusion of enforcement cases, the FRC will increase its number of lawyers and forensic accountants and will strengthen its case examination function in order to fast-track decision on whether to open an enforcement case.
The regulator’s strategy for 2020/21 aims to make further progress in its transition into the Audit, Reporting and Governance Authority, as proposed in the Kingman review last year.
To meet the requirements of the Kingman review, the FRC will recruit over 100 additional employees which will result in an increase of levies from £41.7m ($54.4m) to £47.2m.
Read the full article in the International Accounting Bulletin here