July 6, 2020 / 6:12 AM / a month ago

BRIEF-UK watchdog ask Big Four accountants to ring fence audit by June 2024

July 6 (Reuters) -

* FRC PRINCIPLES FOR OPERATIONAL SEPARATION OF AUDIT PRACTICES

* TODAY FRC HAS ANNOUNCED ITS PRINCIPLES FOR OPERATIONAL SEPARATION OF AUDIT PRACTICES OF BIG FOUR FIRMS

* FRC SAY OBJECTIVE IS TO ENSURE THAT AUDIT PRACTICES ARE FOCUSED ABOVE ALL ON DELIVERY OF HIGH-QUALITY AUDITS IN PUBLIC INTEREST, AND DO NOT RELY ON PERSISTENT CROSS SUBSIDY

* FRC IS NOW ASKING BIG 4 FIRMS TO AGREE TO OPERATIONAL SEPARATION OF THEIR AUDIT PRACTICES

* FRC SAYS ASKING BIG FOUR TO PROVIDE A TRANSITION TIMETABLE TO COMPLETE IMPLEMENTATION BY 30 JUNE 2024 AT LATEST

* FRC SAYS AN IMPLEMENTATION PLAN SHOULD BE SUBMITTED TO FRC BY 23 OCTOBER 2020

* FRC WILL THEN AGREE A TRANSITION TIMETABLE WITH EACH FIRM Source text for Eikon: Further company coverage: [ ] (Reporting By Huw Jones)

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