UK Accounting Industry Urges Action on Sidelined Audit Reforms (Correct)

Nov. 10, 2023, 5:37 PM UTCUpdated: Nov. 13, 2023, 11:59 AM UTC

Accounting industry representatives are calling for more urgency behind long-planned but repeatedly punted UK government reforms focused on audits of corporate financial statements.

The UK Parliament’s legislative priorities for the year ahead, outlined Nov. 7 in the King’s Speech, excluded audit reforms, meaning they’ll likely have to wait until after an election expected in 2024. The UK’s audit watchdog, the Financial Reporting Council, also ditched many of its proposed corporate governance proposals the same day.

Previously proposed reforms included creating a more powerful watchdog to oversee the audit industry, making company bosses more liable for accounting accuracy, and requiring that ...

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