What’s happening?

The FRC is being replaced with the new Audit, Reporting and Governance Authority (ARGA). ARGA will have increased investigation and enforcement powers with statutory footing to enable greater oversight of company's corporate reporting and auditing. The purpose is to increase accountability of regulated entities. ARGA will have powers to set, monitor and secure compliance an example being to make direct changes to a company without seeking a court order.

What does it mean? 

Non-compliance will lead to greater sanctions and interventions which include but not limited to new powers to require rapid explanation and rectification; the publishing of a report about the company's conduct and management; and the ability to publicly highlight the failures and misconduct of a company.