Restoring trust in Audit and Corporate Governance
The Financial Reporting Council (FRC) has welcomed the Government’s response to its consultation ‘Restoring trust in audit and corporate governance’ which sets out the next steps to reform the UK’s audit and corporate governance framework.
Legislation is required to ensure the new regulator - the Audit, Reporting and Governance Authority (ARGA) - has the powers it needs to hold to account those responsible for delivering improved standards of reporting and governance.
This publication is the response to the three independent reviews by Sir John Kingman, Sir Donald Brydon and the Competition and Markets Authority. It includes measures to enhance the quality of corporate governance, corporate reporting and audit and establish the strong, effective, independent regulator envisaged by Sir John Kingman. These measures have a vital role to play in the UK’s future economic success and in shaping the business agenda.
Listen to Sir Jonathan Thompson's podcast on the Government Response below.
We will be examining the government response closely and will shortly publish our position on the response and a work plan to explain how we expect the next stage of reform to proceed, and in particular the elements we can progress ahead of legislation.
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
Listen to Sir Jonathan Thompson's introduction to the consultation below.