The UK 's accounting regulator , the Financial Reporting Council ( ##FC ) , is to be replaced by a more powerful watchdog with less potential for conflicts of interest . The Audit , Standards and Governance Authority ( Arga ) will be accountable to parliament and — unlike the voluntary industry ) - funded FRC — not made up of hires from the Big Four firms Deloitte , PWC , EY and KPMG . These companies will be regulated and have their accounts supervised , and will be liable to provide answers on policy and conduct . Arga will also have license to more strictly punish managers and auditors following corporate failures , and intervene directly in their accounts .
The UK's accounting regulator, the Financial Reporting Council (FRC), is to be replaced by a more powerful watchdog with less potential for conflicts of interest. The Audit, Reporting and Governance Authority (Arga) will be accountable to parliament and—unlike the voluntary industry levy-funded FRC—not made up of hires from the Big Four firms Deloitte, PWC, EY and KPMG. These companies will be regulated and have their work supervised, and will be liable to provide answers on performance and conduct. Arga will also have license to more strictly punish companies and auditors following corporate failures, and intervene directly in their accounts.