The Office for Local Government (Oflog) should be handed oversight of England's broken audit regime – a role earmarked for the Financial Reporting Council (FRC) - accounting experts have told MPs.

Speaking yesterday, chief executive of the Chartered Institute for Public Finance and Accountancy (CIPFA), Rob Whiteman, said allowing Oflog to take over from the FRC as audit system leader made sense following the omission of the proposed Audit, Reporting and Governance Authority (ARGA) from the King's Speech outlining the Government's final Parliamentary schedule before the General Election.