UK Scraps Audit and Governance Reforms as Costs Soar

UK Scraps Audit and Governance Reforms as Costs Soar

The UK government has announced the scrapping of planned audit and corporate governance reforms, citing concerns over escalating costs. The decision marks a significant shift in the regulatory landscape, as authorities step back from measures initially designed to enhance transparency and accountability in the wake of several high-profile corporate failures. This move has prompted a [...]

Labour quietly tries to hide its U-turn on the Audit Reform Bill

On 20 January, the Labour government put out a self-congratulatory press release about its new economic growth package and slashing regulatory red tape. Given that the first half bangs on about Octopus Energy spin-off Kraken Technologies — you’d be forgiven for missing Labour’s latest U-turn halfway down the presser. Quietly, almost with embarrassment, one might say, the Department for Business and Trade (DBT) slipped in the news that it’s scrap…

Investor groups criticise UK scrapping of audit reform bill

The UK government has faced criticism from a number of investor and corporate governance groups for its decision to scrap its long-awaited Audit and Corporate Governance Reform bill, arguing that it could harm the UK’s reputation as a centre for institutional investment. The legislation was expected to introduce a new definition for public interest entities,

Government kills off audit reform bill

After almost eight years of reviews, recommendations and debate, the government has indicated that the long-awaited audit reform bill is dead and will now not go ahead. The Times reports today that the government has written a letter to the business and trade committee of the House of Commons saying that, after a review, it has made a “difficult decision” to end its consultation on measures intended for the bill. Blair McDougall, a business mini…

UK scraps audit and governance reforms over cost concerns

The UK Government has scrapped its long-anticipated Audit and Corporate Governance Reform Bill, concluding that the planned measures would be too costly for large businesses. The move comes shortly after the eighth anniversary of Carillion’s collapse, an event that had intensified pressure for significant changes to the audit and corporate reporting regime. Confirmation that the bill has been scrapped was included in a Department for Business an…

Contractors to escape audit reform after legislation U-turn

The government has scrapped reforms intended to tighten audit processes for large firms. On Monday (19 January), small businesses minister Blair McDougall announced the government had “reached the difficult decision” not to proceed with the reforms, which were first proposed after high-profile business collapses such… The post Contractors to escape audit reform after legislation U-turn appeared first on Construction News.