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26 March 2024 - Delivering audit reform: follow-up - Oral evidence

Committee Business and Trade Committee
Inquiry Delivering audit reform: follow-up

Tuesday 26 March 2024

Start times: 9:45am (private) 10:00am (public)


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Why has promised audit reform been delayed? MPs to question minister

MPs on the Business and Trade Committee take evidence from auditors, stakeholders and question Minister Kevin Hollinrake on the need for audit and corporate and governance reform and the lack of progress on it.

Meeting details

At 10:00am: Oral evidence
Work Delivering audit reform: follow-up (Non-inquiry session)
Head of Audit and Assurance at Mazars
Head of Audit and Assurance at BDO UK
Managing Director (Reputation and Influence) at Institute of Chartered Accountants in England & Wales (ICAEW)
Chief Executive Officer at Institute of Chartered Accountants of Scotland
At 10:45am: Oral evidence
Work Delivering audit reform: follow-up (Non-inquiry session)
Chair at Legal and General Group Plc
Emeritus Professor of Accounting at University of Sheffield
Deputy Chair at Fraud Advisory Panel
Director, Stewardship, Risk and Tax at The Investment Association
At 11:30am: Oral evidence
Work Delivering audit reform: follow-up (Non-inquiry session)
Minister for Enteprise, Markets and Small Business at Department for Business and Trade
Deputy Director, Corporate Governance, Audit Reform and Stakeholder Rights at Department for Business and Trade
Chief Executive Officer at Financial Reporting Council

Following a number of high-profile company collapses in recent years – most notably Carillion in 2018 - questions were raised over the quality of audit and failures in corporate governance designed to hold companies to account. These concerns prompted proposed reforms, designed to strengthen the protections against future corporate collapses, widen competition in the market and restore trust within financial markets.

Despite warnings that reform was needed in 2020, legislation that would’ve enabled it was pulled in October 2023 while legislative plans to create a new and stronger regulator were omitted in the King’s speech.

In the six years since Carillion, signs of progress are visible despite a lack of legislative clarity, but the sector continues to face significant challenges, including in areas of recruitment and competition. MPs are likely to ask why audit reform has stalled and what should be done to put it back on track.

Location

Room 8, Palace of Westminster

How to attend