A new regulator to replace the Financial Reporting Council (FRC), overseeing public and private sector auditing practices nationwide will be strengthened with powers over local government audit, the government announced today. The new regulator, the Audit, Reporting and Governance Authority (ARGA), will contain a standalone local audit unit bringing all regulatory functions into one place to coordinate what the government described as a "new, simplified local audit framework". The Ministry of Housing, Communities & Local Government will also set up and chair a liaison committee made up of senior stakeholders across the sector that will oversee the governance of the new audit arrangements and ensure they are operating effectively.