Financial Reporting Council Independent Review

Department for Business, Energy and Industrial Strategy written question – answered on 29th October 2018.

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Photo of Baroness McDonagh Baroness McDonagh Labour

To ask Her Majesty's Government, further to the letter by the Secretary of State for the Department of Business, Energy and Industrial Strategy to Sir John Kingman, chairman of the Review of the audit regulator, on 8 October, what are the financial and non-financial costs associated with the request to extend the scope of the Independent Review of the Financial Reporting Council.

Photo of Baroness McDonagh Baroness McDonagh Labour

To ask Her Majesty's Government, further to the letter by the Secretary of State for the Department of Business, Energy and Industrial Strategy to Sir John Kingman, chairman of the Review of the audit regulator, on 8 October asking for the scope of the Independent Review of the Financial Reporting Council to be extended, whether additional resources have been provided or requested to assist in the completion of that investigation.

Photo of Lord Henley Lord Henley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

Sir John Kingman asked not to receive a fee for his role undertaking the independent Review of the Financial Reporting Council. Members of the Review’s Advisory Group are also not remunerated for their involvement.

The additional request to Sir John Kingman to provide his thoughts alongside the Review on whether there is any case for change in the way in which audits are procured and audit fees are set will be accommodated in existing costs and allocated resources.

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