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Richard Moriarty is to take charge of the UK’s Financial Reporting Council as the accounting watchdog seeks to make significant reforms to improve auditing.

Moriarty, a former chief executive of the UK’s aviation regulator, will replace Sir Jon Thompson as chief executive, who leaves to become chair of the HS2 high-speed rail line.

The FRC is in the middle of introducing changes to the UK’s corporate governance code intended to increase directors’ responsibility for ensuring accounts are accurate and making them more accountable for corporate misconduct.

The FRC is also due to become a new, more powerful body called the Audit, Reporting and Governance Authority, although the timing of that change remains unclear.

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