Annual reports have become far too big, says the boss of the audit watchdog Richard Moriarty. Richard Moriarty: CEO of the audit watchdog, the Financial Reporting Council‘We want [company] boards to spend their time on entrepreneurial activity,' he says. He took over the job three years ago, after the audit profession and the FRC itself had gone through a traumatic upheaval. The years between 2016 and 2019 saw a series of high-profile corporate collapses, including Carillion, BHS and Patisserie Valerie. Kingman recommended replacing it with a stronger independent body to be known as the Audit, Reporting and Governance Authority (ARGA).