UK Drops Audit Reform After Eight Years as It Chases More Growth

The UK government said Tuesday it had abandoned long-standing plans to improve audit quality after a string of scandals, because the reforms would have been too expensive for companies to implement.

Scrapping a broad package of long-promised audit reforms would “avoid significant new costs for large firms,” the Department for Business and Trade said in an announcement of measures to boost business growth. Instead, the government will emphasize moves to simplify corporate reporting requirements.

“We have reached the difficult decision not to consult” over audit reform, Blair McDougall, minister for small business and economic transformation, said in written comments Monday. ...