UK ministers are reportedly considering limiting the powers of the country's long-awaited new accounting regulator — the Audit, Reporting and Governance Authority (Arga) — to balance regulatory oversight with economic growth, according to The Times.
Initially proposed in 2018 as a more powerful replacement for the Financial Reporting Council (FRC), Arga was expected to have broad authority to investigate company audits and pursue all directors for financial reporting failures, regardless of their qualifications. However, sources indicate that the revised bill will restrict Arga's ability to reprimand non-accountant directors to only “the most egregious financial reporting failures.”
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