Hope for UK Audit Reform Persists Despite Four-Year Delay

Just a year ago, the UK was touting itself as a leader in corporate reporting, with plans to mend the audit market after a series of high-profile scandals and show other countries the way forward on sustainability reporting. That optimistic vision has now fallen victim to the UK’s political chaos.

“Audit reform has obviously stalled,” Labour peer and accounting professor Prem Sikka said, noting a lack of action since reforms were first touted in 2018. Perhaps a new regulator will be formed in the next few years, he said, but little beyond that can be expected.

“People are worried about ...