The UK government said on Tuesday that it will replace the sector’s regulator, the Financial Reporting Council, with a new watchdog that will be given tougher enforcement powers and be funded by an industry levy.
The Audit, Reporting and Governance Authority will also have the ability to designate large private companies as “public interest entities” to ensure they are more transparent with investors. FTSE 350 firms will also need to conduct some of their audits with a challenger firm to PricewaterhouseCoopers, KPMG, Deloitte and Ernst & Young – to help nurture more competition.
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK slaps 25% windfall tax on profits of oil and gas companiesBoris Johnson’s government will impose a so-called windfall tax on the profits of oil and gas companies to help fund support for Britons facing a cost-of-living crisis.
Source: SundayTimesZA - 🏆 47. / 51 Read more »