Audit, Reporting and Governance Authority


The Audit, Reporting and Governance Authority is a proposed audit regulator intended to be established in the United Kingdom during 2019 to replace the Financial Reporting Council. The government launched a consultation on the new regulator in March 2019.

Kingman Review

Following accounting irregularities at companies such as Carillion, Patisserie Valerie and BHS, the UK government ordered a review of the current supervisory environment by the Financial Reporting Council. The review was led by Legal & General Chairman Sir John Kingman.
The review recommended the urgent introduction of a new regulator, the Audit, Reporting and Governance Authority, which should be accountable to Parliament, with the intention to provide more effective oversight and address a concentration in the industry - the Big Four audit firms' market share with FTSE350 firms being 98% at the time of the report.
In March 2019 Business Secretary Greg Clark announced he would implement the recommendation from the Kingman Review in 2019.

Leadership

In July 2019, Clark announced that Simon Dingemans, formerly CFO at GlaxoSmithKline, had been appointed as the new chair of the Financial Reporting Council, and would lead its transition into the Audit, Reporting and Governance Authority. However, he left the role in May 2020, citing conflicts between the part-time role and other positions he was interested in taking.