Audit and corporate governance reform
Publications and other material relating to the government’s commitment to reform the UK’s audit and corporate governance framework.
On 18 March 2021, the government published proposals for consultation on reforming the UK’s audit and corporate governance framework, in the White Paper on ‘Restoring Trust in Audit and Corporate Governance’. The White Paper responded to the findings of 3 independent reviews commissioned by the government following the collapse of Carillion in January 2018. In light of that consultation, the government published its final policy plans on 31 May 2022.
The government had previously undertaken initial consultations on 2 of those 3 independent reviews. On 11 March 2019, the government published an initial consultation on the recommendations of Sir John Kingman’s independent review of the Financial Reporting Council. The March 2019 White Paper contained the response to this consultation. On 18 July 2019, the government published an initial consultation on the Competition and Markets Authority’s market study of statutory audit. A summary of responses to this consultation was published alongside the March 2021 White Paper.
This collection contains those publications and related material. It also contains a factual overview of draft regulations that the government laid in Parliament on 19 July 2023, which will – if approved by Parliament – implement certain new corporate reporting requirements that were confirmed in the government response to the White Paper. (The page provides a link to the draft regulations and accompanying explanatory memorandum and impact assessment).