This white paper sets out proposals to strengthen the UK’s framework for major companies and the way they are audited. The proposals set out how:
- companies should report on their governance and finances
- reports should be audited
- audit and the audit market should change
- these should be overseen by a new regulator
The objectives of these reforms are to:
- restore public trust in the way that the UK’s largest companies are run and scrutinised
- ensure that the UK’s most significant corporate entities are governed responsibly
- empower investors, creditors, workers, and other stakeholders by giving them access to reliable and meaningful information on a company’s performance
- keep the UK’s legal frameworks for major businesses at the forefront of international best practice
The proposals respond to recommendations made by 3 independent reviews commissioned by the government in 2018:
Respond to the consultation
Please provide your views on these proposals: the consultation closes on 8 July 2021 at 11:45pm.
You can respond to the consultation online.