Long-awaited Audit reform makes it into King’s Speech

New regulator to replace the Financial Reporting Council (FRC)

The draft Audit Reform and Corporate Governance Bill will pave the way for a new accounting regulator with enhanced powers– the Audit, Reporting and Governance Authority (ARGA) – to replace the FRC. The proposed reforms date from the time following the collapse of Carillion in 2018, including an independent review into the quality and effectiveness of audit.