After a series of scandals, the British government wants to restore confidence in accountancy firms. The PIE Audit Register is one of the first concrete steps towards achieving this.
The British Financial Reporting Council (FRC) last week published rules for the new registration of audit firms allowed to carry out statutory audits of public interest enterprises (PIEs). An intermediate arrangement will apply to offices already validating OOBs. They must submit an application to the FRC between 5 September and 4 December 2022 and upon approval will be added to the new PIE audit register.
Policy Plan
The registry is the first concrete step resulting from the policy plan drawn up in 2021 Restoring confidence in audit and corporate governance. The plan comes after a series of incidents involving the accountancy profession in the United Kingdom. An investigation showed that the regulator did not have sufficient powers to deal with structural problems in accounting firms. That is why a new watchdog will be created: the Audit, Reporting and Governance Authority (ARGA). It replaces the FRC.
Download here Lines and British Policy Plan.
