Restoring trust in Audit and Corporate Governance

1 minute read

Introduction

The Financial Reporting Council has published a Position Paper setting out the next steps to reform the UK’s audit and corporate governance framework.

The paper follows the Government Response to the consultation on strengthening the UK’s Corporate Governance, Corporate Reporting and Audit systems, including the creation of the Audit, Reporting and Governance Authority (ARGA), to take over from the FRC.

We build on the areas of the Government Response that fall within our remit, to provide advanced clarity for stakeholders on how the work of reform will be delivered ahead of government legislation. That work includes revising existing codes, strengthening auditing and accounting standards, setting expectations to drive behavioural change ahead of statutory powers, and the development of guidance to address issues set out in the Government Response.

Listen to Kate O'Neill, Mark Babington and Sarah Rapson talking about the Position Paper below.

Resources

• Position Paper
• FRC Press Notice
• BEIS Government Response to Consultation Document (External link)
• Audit and Corporate Governance Reform Webinar (14 July)

BEIS Consultation Document 2021

The Department for Business, Energy & Industrial Strategy (BEIS) published its consultation into "Restoring trust in audit and corporate governance" on 18 March 2021.

The FRC welcomed this consultation and convened a number of events so that all stakeholders could engage with and discuss the key themes of the consultation and feedback to the Government.

Consultation Document resources

• BEIS Consultation Document - Restoring trust in audit and corporate governance: proposals on reforms (External link)
• FAQs on the Consultation Document

Listen to Sir Jonathan Thompson's introduction to the consultation below.