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News September 2017 FRC appoints Claudia Mortimore Interim Executive Counsel

FRC appoints Claudia Mortimore Interim Executive Counsel

12 September 2017

PN 46/17                                                                                                                              

The Financial Reporting Council (FRC) has appointed Claudia Mortimore as Interim Executive Counsel and Director of Enforcement from 1 November 2017, following the resignation of Gareth Rees QC.

Claudia Mortimore was called to the Bar in 1994. She practised at Red Lion Chambers for 10 years, before working as a prosecutor at both Revenue and Customs Prosecutions Office (RCPO) and the Department for Business. She joined the FRC in 2013.   

Notes to editors:

  1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting transparency and integrity in business.  The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.

  2. In relation to enforcement matters, the FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest.

  3. To meet its responsibility as the competent authority in respect of audit enforcement, the FRC operates the Audit Enforcement Procedure.  This procedure applies to the investigation and sanctioning of breaches of the various requirements of the statutory auditors of Public Interest Entities (PIEs) and any other cases retained by the FRC including AIM companies with a market capitalisation in excess of €200m.  In brief, the stages of the Audit Enforcement Procedure are:

    • Initial case examination and decision to investigate

    • Investigation

    • Decision by Executive Counsel as to whether to issue a Decision Notice (a notice with the findings and recommended sanction);

    • Referral to Enforcement Committee and decision by the Enforcement Committee whether to issue a Decision Notice; and

    • Referral to a Tribunal.

    • Investigations are conducted by Executive Counsel and the Enforcement division.

  4. In order for a matter to be referred for investigation by the FRC’s Executive Counsel under the Audit Enforcement Procedure, the FRC’s Conduct Committee is required to decide whether there is good reason to investigate an Allegation in relation to a Statutory Auditor and/or a Statutory Audit Firm.

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