The UK Financial Reporting Council (FRC) will announce a change in its internal structure creating two major divisions, one for audit and one for corporate reporting and good governance, FRC CEO Stephen Haddrill told The Accountant in a rare interview today.
"We organised the FRC last in 2012, when we knew there was a lot of change coming down the track in terms of setting new codes and new standards. We’ve done that work almost entirely now," Haddrill said.
The FRC has now set new objectives, and the two main divisions are intended to deliver on a new strategy.
The audit division will be run by Melanie McLaren, currently executive director of governance, codes and standards.
Besides these two divisions, Gareth Rees, counsel of the disciplinary board, will report directly to Haddrill on enforcement and discipline matters.