The UK government intends to drop an overhaul of the audit industry from its top legislative priorities for the next year, again delaying a much-watched reform effort, a person familiar with the situation told Bloomberg News on Thursday.
The government had pledged to make sweeping audit changes after high-profile corporate meltdowns, including the collapse of Carillion Plc in 2018 and BHS Ltd. in 2016. The plans aimed to root out bad behavior and curb the dominance of the Big Four audit firms. In May 2022, the government promised action within the year.
“The government remains committed to improving audit ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.