Accounting watchdog consultation closes

Sunday 08 January 2012 01:00 GMT

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The business department's consultation into the future of the Financial Reporting Council (FRC) closes for comments on Tuesday.

The coalition wants the FRC's regulatory focus to be narrowed, with monitoring and enforcement powers to concentrate on large private companies and publicly traded firms. There are also plans to give the FRC authority to punish poor quality auditing. Changes are expected to come into force this April.

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