FRC Chief Executive meets members on audit and accounting issues

Apr 05, 2019

Stephen Haddrill, Chief Executive of the UK’s Financial Reporting Council (FRC) met with members on Wednesday to discuss developments in auditing and accounting regulation against a backdrop of recent developments in the UK.

The meeting discussed a range of challenges currently facing the profession including the potential impact of Brexit on the seamless audit regulatory framework that has existed for many years between Ireland and the UK. There was also discussion on the regulatory reform projects currently ongoing in the UK aimed at restoring trust and confidence in audit and the Brydon project, in particular, which will consider the purpose and scope of the audit of the future. Such developments were seen as critical in the context of the UK, in particular, being the largest capital market in Europe and second largest in the world.

Other matters discussed included the desire of the profession for continued alignment of standards between the UK and Ireland and an acknowledgment of how the current framework had brought significant benefits to the profession and the education of accountants over many years. Maintaining this regime will be particularly important post-Brexit, given the strong commercial linkages between both countries, including a significant number of entities having dual listings in Dublin and London. 

More broadly, there was also comment on the role of technology and the challenge of talent acquisition and retention to ensure appropriate future leadership for firms, regulators and wider industry.

Thanking Mr Haddrill for his participation, Institute President Feargal McCormack acknowledged the appetite for discussion across the sector.