"We welcomed the Government's commitment in last July's King's Speech to publish the draft Audit Reform and Corporate Governance Bill, an important milestone following years of delay. However, we are very disappointed that, despite this early promise, it has been announced that it has once again stalled and will not be published for pre-legislative scrutiny during this session. The case for reform is now more pressing than ever."
"Investors, the public, and other stakeholders must be able to rely on accurate, transparent reporting from our largest companies, covering both financial performance and other business-critical matters. This is fundamental to restoring trust and confidence in UK markets. We also need an audit regulator with real authority, one that can hold company directors and audit firms to account when failures occur. Without this, the system remains exposed and vulnerable, as the regulator lacks the legal powers it needs to do its job effectively."
Sixty-six MPs and Lords from eight political parties and all UK regions urged the Prime Minister to prioritise the delayed Audit Reform and Corporate Governance Bill. The Chartered Institute of Internal Auditors coordinated a cross-party effort after the draft Bill was delayed again. The Government had committed in last July's King's Speech to publish the draft Bill, but it will not be published for pre-legislative scrutiny this session. Signatories argue that strengthening audit and corporate governance is essential for sustainable growth, accurate transparent corporate reporting, and restoring trust in UK markets. They call for an audit regulator with legal powers to hold directors and audit firms to account and note seven years have passed since Carillion with no new legislation despite reviews and a White Paper.
Read at London Business News | Londonlovesbusiness.com
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