FRC Beefs Up Role Ahead Of New Regulator Launch

Law360, London (February 5, 2020, 3:25 PM GMT) -- Britain’s audit watchdog announced plans on Wednesday that it said would strengthen and speed up investigations, signaling a major shakeup of its supervision before it is replaced by a new regulatory agency.

The Financial Reporting Council said it will broaden the range of audit companies it monitors to include so-called challenger companies, including BDO and Grant Thornton. The watchdog currently limits its annual reviews to audits done by the Big Four — KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers.

The accounting regulator said that it will also speed up enforcement cases by hiring more lawyers and forensic accountants, with plans to...

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