UK Legislators Query Delay on Audit Industry Policy Reforms

A UK government minister expressed muted support for long-stalled audit policy reforms at a parliamentary committee hearing Tuesday probing why proposals haven’t advanced.

Kevin Hollinrake, minister for Enterprise, Markets and Small Business, blamed a lack of parliamentary time for failure to pass any legislation but said he was still in favor of passing audit reform after an election due this year. He emphasized, however, that “any regulation places a burden on businesses” at a time when the government is trying to cut red tape for companies.

Hollinrake was answering questions from Parliament’s Business and Trade Committee, which held an evidence ...