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New UK Watchdog Poised To Take On Embattled Audit Sector

Law360, London (March 15, 2019, 5:17 PM GMT) -- Britain’s plan to transform its audit regime 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.

The government confirmed Monday 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 including contracting giant Carillion and retail mainstay BHS.

But the demise of the beleaguered FRC, which has...

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