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UK accounting regulator plans to strengthen audit firm governance

Written on Aug 31, 2021

Britain's accounting regulator says it will significantly strengthen its audit firm governance code after a number of issues surrounding audits of UK firms in recent years.

The Financial Reporting Council's (FRC) code applies firms auditing FTSE 350 companies, the FRC said in a statement.

In future it will also apply to firms which audit other types of public interest entities, the FRC said.

The watchdog is consulting on the proposals, which include clarifying the role played by partnership boards in holding management to account and separating the roles of board chair and senior partner or chief executive.