The Financial Reporting Council (FRC) should focus on its role as the UK’s audit watchdog and hand over corporate governance to a separate body, the influential Institute of Directors (IoD) has said.
The IoD is one of a number of organisations asked to submit evidence to the government’s review into the FRC’s future led by former Treasurer John Kingman in the wake of the collapse of outsourcer Carillion.
The role of the FRC as regulator to auditors has come under close scrutiny in the aftermath of Carillion’s failure. Some MPs want to break up the “oligarchy” of the so-called Big Four – KPMG, Deloitte, PwC and EY.
KPMG was singled out for…
