A New Audit Regime in the UK

As the UK seeks to strategically position itself as one of the best countries for foreign investments, the audit regime is being overhauled. The Financial Reporting Council (FRC) is to be replaced by a new regulator, following the review led by Sir John Kingman. The new regulator, which is to be known as the Audit, Reporting and Governance Authority (ARGA) will have a new mandate, new leadership and stronger powers set down in law. Part of its duties will be to protect the interests of customers and the public by setting high standards of audit, corporate reporting and corporate governance.