Peter Large, executive director – governance at ACCA, says of the FRC’s new arrangements: 'This is good news and bodes well for the future in terms providing a platform for effective and proportionate oversight of the accountancy profession. In addition, a strong, independent regulator is crucial when it comes to representing a UK voice on the global stage on audit, corporate governance and financial reporting issues.'
Responding to the original proposals in January 2012, ACCA said it was in favour of the streamlining of the FRC.
Peter Large adds: 'For some time, we have maintained the view that the seven-board structure of the FRC was far from ideal. The simplification and streamlining of responsibilities of the kind announced today will make for a more effective and focused regulator which, in turn, will help reinforce public confidence and trust in the activities of auditors and accountants.'
Peter Large concludes: 'A well-regulated, and above all, accountable accountancy profession, one that acts in the public interest to deliver real and tangible public value – which means promoting responsible and ethical business and supporting global economic performance – is essential for the future.'