Raymond Doherty 24 Apr 2019 11:03am

FRC appoints new audit council member

Richard Lawrence will join the Financial Reporting Council’s (FRC) audit and assurance council

Lawrence, a chartered accountant who trained at PwC, is currently head of accounting & valuation policy at RBS, where he has held a number of senior finance roles. He also sits on a number of ICAEW and UK Finance industry committees.

The FRC is set to be replaced with a new audit regulator, known as the Audit, Reporting and Governance Authority (ARGA). It will have a new mandate, new leadership and stronger powers set down in law. Recruitment for the new chair, deputy chair and CEO has begun.

The independent root and branch Kingman review, published in December 2018, found the FRC to be a "hangover from a different world" and said it should be replaced by a new independent body with more powers to make a difference.

The review was commissioned by business secretary Greg Clark after questions were raised about the FRC's role in the wake of the collapse of BHS and Carillion.