UK Audit Watchdog Ordered To 'Transition' Into New Agency

Law360, London (April 15, 2019, 6:34 PM BST) -- Britain's auditing watchdog will "transition" into a new regulator rather than being scrapped and replaced following a series of corporate scandals under its supervision, a government minister indicated in correspondence released Monday.

Greg Clark, secretary of state for business, energy and industrial strategy, signaled that he did not expect a clean break at the Financial Reporting Council, which the government vowed to replace in March following concerns about its oversight of the U.K. auditing industry.

"It will require a program of transformation for the FRC to transition into the new statutory regulator," Clark, a Conservative Party MP, said in a letter...

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