A once in a generation opportunity for audit and corporate governance transformation
Insights
Audit & Governance Reform
The release of the BEIS White Paper in March 2021 signalled a once in a generation opportunity to transform audit and strengthen corporate governance in the UK. A consultation followed and the themes were echoed in the transcript of the Queen’s Speech in May 2022. We now await a draft Bill, expected in 2023/4.
There is widespread consensus that the audit sector is not reaching its potential, and that previous attempts at reform have been ineffective. And the impact of audit is wide-ranging. Trust in the quality of audit underpins confidence in UK business, the money invested in listed firms by private and institutional investors, and the livelihoods of the people who work in the audited companies.
In these pages we examine the recommendations of the BEIS report, discuss the key areas highlighted for reform and consider the wider implications.
There is widespread consensus that the audit sector is not reaching its potential, and that previous attempts at reform have been ineffective. And the impact of audit is wide-ranging. Trust in the quality of audit underpins confidence in UK business, the money invested in listed firms by private and institutional investors, and the livelihoods of the people who work in the audited companies.
In these pages we examine the recommendations of the BEIS report, discuss the key areas highlighted for reform and consider the wider implications.