{"id":8427,"date":"2019-03-11T16:37:58","date_gmt":"2019-03-11T16:37:58","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/uk-audit-watchdog-to-be-replaced-by-new-governing-body\/"},"modified":"2019-03-11T16:37:58","modified_gmt":"2019-03-11T16:37:58","slug":"uk-audit-watchdog-to-be-replaced-by-new-governing-body","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/uk-audit-watchdog-to-be-replaced-by-new-governing-body\/","title":{"rendered":"UK audit watchdog to be replaced by new governing body"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape has-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"A construction worker guides a Carillion sign being lowered to the ground\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/17EEC\/production\/_105982089_carillion1.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">AFP <\/span><\/p>\n<p>            <\/span><figcaption class=\"media-caption\"><span class=\"off-screen\">Image caption<\/span><br \/>\n                <span class=\"media-caption__text\"><br \/>\n                    MPs criticised auditor KPMG and the industry as a whole after Construction giant Carillion collapsed in January 2018<br \/>\n                <\/span><br \/>\n            <\/figcaption><\/figure>\n<p class=\"story-body__introduction\">The Financial Reporting Council is to be scrapped and replaced by a new regulator for accountancy firms, the UK government has announced. <\/p>\n<p>The Audit, Reporting and Governance Authority will have enhanced powers and be able to make direct changes to accounts, instead of applying to court.<\/p>\n<p>The government said it wants new &#8220;strong&#8221; leadership to &#8220;change the culture&#8221; of the accounting sector.<\/p>\n<p>The role of auditors in Carillion&#8217;s collapse has been criticised by MPs.<\/p>\n<p>KPMG, one of the UK&#8217;s four largest accountancy firms, had handled Carillion&#8217;s accounts since 1999 and signed off its figures in March 2017, four months before the firm issued its first profit warning.<\/p>\n<p>MPs now want to know how KPMG and other big four firms failed to spot warning signs at several British collapsed businesses in the last few years.<\/p>\n<p>&#8220;This new body will build on our status as a great place to do business and will form an important part of strengthened public trust in businesses and the regulations that govern them,&#8221; said Business Secretary Greg Clark.<\/p>\n<p>The new regulator has been announced in response to a government commissioned review led by Sir John Kingman. <\/p>\n<p>For the first time, the new regulator will be able to:<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\">Directly regulate the biggest audit firms<\/li>\n<li class=\"story-body__list-item\">Impose greater sanctions in cases of corporate failure<\/li>\n<li class=\"story-body__list-item\">Require rapid explanations from companies <\/li>\n<li class=\"story-body__list-item\">Publish reports about a company&#8217;s conduct and management<\/li>\n<\/ul>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-47530302\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright AFP Image caption MPs criticised auditor KPMG and the industry as a whole after Construction giant Carillion collapsed in January 2018 The Financial Reporting Council is to be scrapped and replaced by a new regulator for accountancy firms, the UK government has announced. The Audit, Reporting and Governance Authority will have enhanced powers &hellip; <\/p>\n","protected":false},"author":0,"featured_media":8428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/8427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=8427"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/8427\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/8428"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=8427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=8427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=8427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}