Beefed-Up UK Audit Watchdog Eyes £6.8M For Extra Costs

Law360, London (February 12, 2021, 4:49 PM GMT) -- The audit watchdog said on Friday that it is making progress in its transition into a new, tougher government agency and that it is setting aside an extra £6.8 million ($9.4 million) over the next year to bolster its regulation of the sector.

The Financial Reporting Council said it is building up its transformation into the Audit, Reporting and Governance Authority. The new auditing body, which will be known as ARGA, will start operating as soon as its governing legislation is passed.

"Last year we set out a strategy to take the FRC through a period of significant transformation to create...

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