The head of Britains accountancy watchdog has been grilled about its failure to spot growing problems at Carillion, the collapsed construction company.
Appearing before MPs at the start of an investigation into Carillions demise, Stephen Haddrill, chief executive of the Financial Reporting Council, rejected accusations that the body was useless and toothless and that it had [closed] the gate after the horse has bolted.
Mr Haddrill told MPs that the stewardship of a large listed company was mainly the responsibility of directors and shareholders and that the FRC had no remit over governance.
However, he did admit that the w…
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