UK Should Have Scrapped Audit Watchdog, Its Chairman Says

The chair of the UK’s audit regulator said the government should have gone ahead with plans to abolish his organization.

Jan du Plessis said abandoning long-awaited legislation to replace the Financial Reporting Council earlier this year was a “big disappointment” and a “missed opportunity.”

The collapse of Carillion in 2018 led to intense scrutiny of the audit industry. A review later that year recommended a new Audit, Reporting and Governance Authority to replace the FRC.

However, the Labour government paused the necessary law change in January, saying its focus on economic growth took priority.

“I really hope it doesn’t take ...