Watchdog Seeks Greater Powers to Prevent Audit Failures

In the United Kingdom, Richard Moriarty has been at the helm of the Financial Reporting Council (FRC) for a year, yet he is still awaiting crucial changes promised to facilitate his oversight of audit practices. With no prior experience in accounting or auditing, Moriarty undertook comprehensive training to grasp the fundamentals of the industry. His previous expertise in regulating aviation, energy, and postal services provided a strong regulatory background, but he now faces heightened challenges within the financial sector. Moriarty's leadership has revealed deep frustrations regarding the limitations of the current framework, which hampers the ability to prevent audit failures effectively. His aspirations for expanding the watchdog's powers remain unmet, raising concerns about the effectiveness of financial oversight in the UK and the potential implications for investor confidence and market stability if such powers are not granted.