UK Dumps New Corporate Reporting Rules in Bid to Cut Red Tape

The UK government dropped plans to make companies report more on fraud and risk resilience, in the latest sign of weakening resolve for audit and governance reform.

The Department for Business and Trade said Monday it withdrew the draft regulations after complaints from companies about the cost of implementing new reporting requirements. In July, the government published draft regulations to make big UK companies, both private and listed, report on additional areas including their audit policy and material fraud.

“Since the Government first published these draft regulations in July, discussions with businesses and stakeholders have highlighted a strong appetite for ...