Policy paper

Restoring trust in audit and corporate governance

This white paper sets out proposals to strengthen the UK’s framework for major companies and the way they are audited.

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Restoring trust in audit and corporate governance

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Restoring trust in audit and corporate governance

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Details

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.

Published 18 March 2021