FRC wants power to set audit fees
The beleaguered audit regulator, the Financial Reporting Council (FRC), is planning to ask the next government for new powers to set auditor remuneration rates.
Due to be re-launched as the Audit, Reporting and Governance Authority (ARGA) after a string of audit failures and lack of adequate oversight of the major audit firms, the FRC is reported to be looking for wider powers to curb the audit market by setting fixed audit fees for listed audits, according to reports in the Sunday Times.
Read more at the Accountancy Daily.
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