(Bloomberg) -- The U.K. has started a search for a new chair and slate of directors to the board of the country's accounting regulator, which has come under a barrage of criticism after a spate of audit scandals.
The Financial Reporting Council chair position, which is a job for two-and-a-half-days per week, will pay 125,000 pounds ($174,000) and help guide the long-term strategy of the authority which is in the process of a “once-in-a-lifetime” overhaul, the government said. The U.K. is also looking for six non-executive directors to the board, jobs that pay 17,500 pounds per year for 25 days of work.
The timeframe for the appointment means interim chair Keith Skeoch is likely to leave before a replacement is found. Skeoch warned in the FRC's annual report that situation would “leave gaps in the governance structure and may create delay in the important board reform and transformation process.”
The U.K. vowed to improve oversight of the industry after the 2018 failure of Carillion Plc, which came without warning from its auditor KPMG.
The government has said the industry is due for “significant change,” with a new watchdog -- the Audit, Reporting and Governance Authority -- expected to replace the FRC in 2023.
The Financial Times reported the news earlier.
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