Top director Melanie Hind quits UK audit regulator

Melanie Hind (nee McLaren), one of the Financial Reporting Council’s (FRC’s) most senior executives, has announced her departure from the audit regulator, which is currently under intense scrutiny from MPs and others over claims the organisation is ‘toothless’ and ‘too cosy’ with the Big Four accountancy firms

The FRC said that Hind, executive director, audit and actuarial regulation, is stepping down from her role to take up a family opportunity overseas.

The regulator has not appointed a replacement as yet and Hinds will leave at the end of July.

Hind’s decision to leave the regulator creates a senior vacancy at a time when the FRC is facing a wholesale inquiry into its activities, competence, structure and powers as a result of the government’s decision to set a review headed by Sir John Kingman.

The regulator has recently published the outcome of its investigation into BHS, and is currently investigating KPMG’s auditing of Carillon, as well as practices at Mitie, Rolls-Royce, BT Group, Sports Direct, Serco and SIG.

Hind joined the FRC in June 2012 and held the position of executive director, codes and standards before assuming her current role in April 2016. She had previously spent 10 years at PwC, where she was a partner.

In April, filings at Companies House revealed that Hind and Paul George, executive director for corporate governance and reporting, had both stepped down from the FRC board. 

Commenting on Hind’s departure, FRC chief executive, Stephen Haddrill, said: ‘Melanie has made a major contribution toward the development of audit quality in the UK. She has steered the FRC’s audit and actuarial division through a period of change, including becoming the UK’s competent authority for statutory audit. Melanie has also played a major role in ensuring the UK audit regime is a benchmark, admired internationally.

‘In her previous role of executive director, codes and standards, Melanie led the transformation of UK accounting standards and groundbreaking developments of the UK corporate governance code to promote more effective company stewardship.

‘Her contribution to the FRC at board and executive level has also been significant. We wish her well for the future.’

Report by Pat Sweet


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