Accountancy regulation

Response to consultation by the Department of Trade & Industry (DTI) on regulation of accountancy and auditing gives strong support to transferring this to the Financial Reporting Council (FRC). A report due in January is expected to provide for big changes to protect against further poor performance which can lay the way open for Enron-type scandals. Two of the big accountants, Ernst & Young and KPMG have supported the transfer to the FRC.