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FRC appoints new member to Audit and Assurance Council

The FRC has announced the appointment of  Richard Lawrence to the Audit & Assurance Council, effective from 1 April 2019.

Lawrence is a fellow of the Institute of Chartered Accountants in England and Wales, having qualified with PricewaterhouseCoopers. He is currently the head of accounting and valuation policy at The Royal Bank of Scotland Group plc (RBS), a role he has held since 2017.

He has held a number of senior finance roles within RBS, and before that ABN AMRO NV, going back to 2003. He also sits on a number of industry-focused committees at UK Finance and the ICAEW.

The Council comprises the chair, who is a non-executive director of the FRC Board, and up to 14 members. Up to half of the membership shall be practising members of the audit profession.

The news comes as the Business Secretary Greg Clark announced last month a “new enhanced” regulator to transform the audit and accounting sector in response to an independent review led by British mathematician Sir John Kingman.

Following recommendations from the review, the Financial Reporting Council (FRC) will be replaced with a new regulator called the Audit, Reporting and Governance Authority (ARGA).

The government has welcomed the review’s vision for a new regulator with a new mandate, new leadership and “stronger statutory powers”. The government intends to quickly implement these reforms and “overhaul the sector”.

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