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FRC to be replaced by ARGA

The Financial Reporting Council (FRC) is to be replaced by a new tougher Auditing, Reporting and Governance Authority (ARGA), the government announced on 11 March 2019.

This requires primary legislation.

ARGA will have a new mandate, new leadership and stronger legal powers. FRC's current chief executive Stephen Haddrill will stand down later in 2019. Chairman Sir Win Bischoff and deputy chairman Guy Huey Evans are also standing down.

FRC issues accounting standards, and monitors the accounting profession. FRC has been criticised for being lax with regards to auditing. [19.03]