U.K. Accounting Watchdog Warns Audit Reform Won’t Satisfy All

The outgoing chairman of U.K.’s accounting regulator has warned that planned audit reforms might not work as well as hoped.

Winfried Bischoff, chairman of the Financial Reporting Council since 2016, said in the FRC’s annual report published Sept. 6 that “the work and recommendations of the CMA and of Sir Donald Brydon may not address all stakeholders’ expectations,” referring to government-commissioned reports on audit quality and the future of auditing by the Competition and Markets Authority and the outgoing London stock exchange chairman.

• Bischoff’s warning follows fierce accounting industry resistance to some CMA suggestions made in December for changes, including ...