FRC appoints Mike Suffield as Director of Audit Quality
News types: Staff/Board Announcements
Published: 9 May 2016
24/16
Mike Suffield has been appointed Director of Audit Quality at the Financial Reporting Council (FRC). He will lead the FRC’s Audit Quality Review (AQR) team in its work to monitor the quality of UK audit firms’ audits of Public Interest and large AIM entities. The AQR monitors and promotes continuous improvements in audit quality in the UK.
Melanie McLaren, Executive Director, Audit said,
“Mike’s experience and knowledge of audit quality issues together with his keen eye on the public interest mean he is well placed to lead our AQR activities as our responsibilities in this area develop. The FRC’s target is for 90% of FTSE 350 audits to require no more than limited improvements by 2019. Mike will be instrumental in achieving this outcome, which is core to our mission to foster investment. New audit inspection rules due in June 2016 mean the FRC will monitor the work of a larger number of audit firms with public interest entity clients.”
Mike Suffield is a qualified chartered accountant and currently a Lead Director at the National Audit Office where he has worked since 1995. He joined Coopers & Lybrand (now PwC) in 1988 and trained as an auditor. At the NAO he is joint head of the Compliance and Quality Unit with responsibility for audit quality arrangements.
He will join the FRC in July.
Notes to editors:
Mike Suffield has been appointed Director of Audit Quality at the Financial Reporting Council (FRC). He will lead the FRC’s Audit Quality Review (AQR) team in its work to monitor the quality of UK audit firms’ audits of Public Interest and large AIM entities. The AQR monitors and promotes continuous improvements in audit quality in the UK.
Melanie McLaren, Executive Director, Audit said,
“Mike’s experience and knowledge of audit quality issues together with his keen eye on the public interest mean he is well placed to lead our AQR activities as our responsibilities in this area develop. The FRC’s target is for 90% of FTSE 350 audits to require no more than limited improvements by 2019. Mike will be instrumental in achieving this outcome, which is core to our mission to foster investment. New audit inspection rules due in June 2016 mean the FRC will monitor the work of a larger number of audit firms with public interest entity clients.”
Mike Suffield is a qualified chartered accountant and currently a Lead Director at the National Audit Office where he has worked since 1995. He joined Coopers & Lybrand (now PwC) in 1988 and trained as an auditor. At the NAO he is joint head of the Compliance and Quality Unit with responsibility for audit quality arrangements.
He will join the FRC in July.
Notes to editors:
- The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.