By Maria Ward-Brennan It was revealed today, as part of the King’s Speach, that the creation of the new audit watchdog has been put on hold. Instead, the government said it would move full steam ahead on reforming the Financial Reporting Council (FRC) into the Audit, Reporting and Governance Authority (ARGA). In addition, the Audit Reform and Corporate Governance Draft Bill outlined additional powers, including extending Public Interest Entity (PIE) status to the largest private companies, ensuring the high-quality audits of those businesses and early warning of financial problems. City figure…