New accountancy rules in UK

New guidelines for accountancy firms in the UK, post-Enron/WorldCom, have fallen short of the US measures (the Sarbanes/Oxley Bill) but include important changes. The Financial Reporting Council is to take on the functions of the Accountancy Foundation and have three roles: setting accounting and audit standards; pro-actively enforcing and monitoring them; and overseeing the self-regulatory professional bodies.