The committee, recruited through an open and external advertising process for the first time, has already begun its work. Agendas, minutes and committee papers are to be made available on the regulators’ websites to inform the sector of the challenges faced and to give transparency to its work.

High profile members of the committee include DSC chief executive Debra Allcock Tyler, CFDG chief executive Keith Hickey and Claire Newton, finance director at Marie Curie Cancer Care.

Kirsty Gray, OSCR’s head of monitoring and investigations, and deputy chair of the committee, said: “The open recruitment process has resulted in a SORP committee with an impressive breadth of talent and experience within its membership, and we look forward to working with the committee on financial reporting improvement in the charity sector.”