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U.K. Audit Watchdog Adds Staff, Hikes Audit Scrutiny

April 5, 2022, 3:10 PM

The U.K. accounting watchdog said Tuesday that it planned to reinforce its ranks over the next three years as it prepares for the formation of a new regulator.

The Financial Reporting Council will increase funding and staffing by around 16% in both 2022 and 2023, it said. The government has said it will replace the FRC with a new regulator, but it hasn’t yet passed the legislation necessary to do so.

  • “In the three years since Sir John Kingman’s review of the FRC, we have made significant progress implementing those recommendations within our power to ensure better outcomes for ...