FRC’s Mike Suffield to join ACCA in summer

Mike Suffield is leaving his role as acting executive director of audit and actuarial regulation at the Financial Reporting Council (FRC) to join ACCA as its director of professional insights in August 2019, after it was announced last week that the FRC would be disbanded to make way for a new audit regulator

In August 2018, Suffield took up the interim role as executive director of audit and actuarial regulation following the news that Melanie hind was stepping down to take up family opportunity overseas.

Suffield joined the FRC in July 2016 as director of audit quality, where he led the regulator’s annual Audit Quality Inspections (AQI).

Suffield started his accountancy career at Coopers and Lybrand after graduating from Brasenose College, Oxford University in 1988. He then went on to become lead director at the National Audit Office (NAO) in 1995.

The FRC said: ' We wish Mike all the best for his future career. We are currently appointing a director of supervision to ensure continuity of leadership in this area.'

At the ACCA he will report to Alan Hatfield, executive director of ACCA’s strategy and development directorate, within which the professional insights team sits. Suffield will direct a team of subject experts who create and deliver ACCA’s global research and development programme, alongside ACCA’s global public affairs agenda.

Suffield’s appointment comes just a week after a Department for Business, Energy & Industrial Strategy (BEIS) consultation confirmed that FRC will be closed and replaced with a new audit regulator following criticism of their effectiveness of the existing organisation following a string of audit scandals at major listed companies.

The move follows recommendations from the Kingman Review which recommended a complete overhaul of the FRC, and led to the early announcement that current CEO Stephen Haddrill would step down in 2019.

The new body to be known as the Auditing, Reporting and Governance Authority (ARGA) will have a new mandate, new leadership and stronger powers set down in law.

The top leadership of the body will be overhauled with recruitment process for a new chair and vice chair starting immediately.

Report by Amy Austin

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