Please note that log in for BLAW products will be unavailable for scheduled maintenance on Sunday, February 5th from approximately 4 AM to 5 AM EST.
Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

UK Audit Reform Facing Five-Year Delay, Regulator Says

July 18, 2022, 8:45 AM

Long-awaited UK audit reform might not arrive before 2027, owing to political obstacles and a lack of civil service capacity, the head of the UK accounting watchdog said in an interview.

“There’s a problem over the civil service’s ability to do this,” Jon Thompson, CEO of the Financial Reporting Council, told Bloomberg Tax. The government audit reform proposals published in March took a year to draft, he noted, and will require that complex legislation be enacted.

Thompson, 57, previously a senior civil servant and accountant, took charge of the FRC ...