FRC in discussion with SEC over limited liability deals for auditors
The Financial Reporting Council has revealed that it is playing a leading role in persuading the US financial watchdog to accept limited liability deals for auditors.
UK audit firms currently cannot enter into such arrangements with clients who are either dual-listed shares, or listed debt, in the US since it would constitute a breach of US auditor-independence rules.
In an interview with Accountancy Age this week, FRC chief executive Paul Boyle said an agreement was not yet in place with the US watchdog. ‘We’ve been in discussions with the SEC on that’ those discussions are continuing. Obviously, the SEC can’t come to a view until we finalise the guidance, so it’s a bit premature,’ said Boyle.
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