In light of the series of recent accounting failures at large UK companies a review of the current regulatory arrangements is clearly overdue. We welcome this move. This is an opportunity to promote audit choice and to give parity of esteem to corporate forms other than listed plcs.
We are pleased to offer feedback on the government’s proposals to replace the Financial Reporting Council with a new audit, reporting and governance authority. While many of the proposals will not have a disproportionate effect on the building society sector, a few could. We have therefore confined our response on those areas.
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