Thursday, March 18, 2021

Overhauling Britain's audit regime

Today the government launched a major overhaul of the UK’s audit regime to help restore both business confidence and people’s confidence in business as we rebuild our economy and build back better.

  • The UK is one of the leading destinations for foreign investment, but in recent years, investor and public confidence in how businesses are governed has been undermined by large-scale company failures. 
     
  • That is why the government have begin a consultation on wide-ranging reforms to modernise the UK’s audit and corporate governance regime, with proposed reforms including the creation of a new audit profession overseen by a new regulator and making directors of the UK’s biggest companies more accountable in the most serious cases of company failings, aiming to drive up quality and standards and increase choice. 
     
  • These proposals are key to restoring business confidence, but also people’s confidence in business, which will be crucial to repairing our economy as we build back better from the pandemic.

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