The accountancy watchdog's audit chief is quitting just days after ministers confirmed plans to replace it with a new body following controversy over its approach to a string of corporate scandals.
Sky News has learnt that Mike Suffield, the Financial Reporting Council's acting executive director of audit and actuarial regulation, has resigned to take up a senior post at the ACCA, the global body for professional accountants. Mr Suffield, who has only held his role since last July, reports to Stephen Haddrill, the FRC's chief executive, who is himself due to depart by the end of the year.
The latest resgination has sparked concerns in the audit profession about the prospect of a growing vacuum at the top of the watchdog at a critical time for the profession.implement the recommendationsSir John said a string of calamitous corporate audits meant he had concluded that the FRC was not fit for purpose and should be replaced by a new body called the Audit, Reporting and Governance Authority .
The replacement regulator will have more robust powers, including a mandate to directly supervise the biggest audit firms, as well as being a statutory body.
Bloke can’t lead thing that won’t exist shocker...
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