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The Financial Reporting Council (FRC)’s new chairman has promised faster implementation of the government-endorsed recommendations from last year’s ‘Independent Review of the Financial Reporting Council’. The review excoriated the current audit regime and recommended setting up the Audit, Reporting and Governance Authority (ARGA) .

Simon Dingemans and new chief executive, Sir Jon Thompson, promise speedier implementation of government’s paper, 'Audit regime in the UK to be transformed with new regulator'. The government promised to implement 48 of 83 recommendations made by Sir John Kingman, the chairman of Legal & General, in his critical  ‘Independent Review of the Financial Reporting Council’.

The new and more powerful ARGA will have greater powers to monitor and discipline auditors and company directors.

There are also calls for new rules forcing company directors to certify that accounts do not contain misrepresentations or untrue statements. 

Simon Dingemans was formerly the chief financial officer at GlaxoSmithKline, while Sir Jon Thompson was former chief executive at HMRC.