Restoring trust in audit and corporate governance
This white paper sets out proposals to strengthen the UK’s framework for major companies and the way they are audited.
This white paper sets out proposals to strengthen the UK’s framework for major companies and the way they are audited. The proposals set out how:
- companies should report on their governance and finances
- reports should be audited
- audit and the audit market should change
- these should be overseen by a new regulator
The objectives of these reforms are to:
- restore public trust in the way that the UK’s largest companies are run and scrutinised
- ensure that the UK’s most significant corporate entities are governed responsibly
- empower investors, creditors, workers, and other stakeholders by giving them access to reliable and meaningful information on a company’s performance
- keep the UK’s legal frameworks for major businesses at the forefront of international best practice
The proposals respond to recommendations made by 3 independent reviews commissioned by the government in 2018:
- Sir John Kingman’s Independent review of the Financial Reporting Council
- the Competition and Market Authority’s statutory audit market study
- Sir Donald Brydon’s independent review of the quality and effectiveness of audit
Respond to the consultation
Please provide your views on these proposals: the consultation closes on 8 July 2021 at 11:45pm.
You can respond to the consultation online.
Every few years we go through the motions of "restoring trust", yet somehow or another never manage to achieve that "trust"!
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