Real concern has greeted the news that the UK government is again delaying the much-promised audit reform bill in the current parliamentary session.
A letter from Justin Madders, the minister for employment rights, competition and markets, claims the current volume of legislation before parliament means the draft Audit Reform and Corporate Governance Bill will not be put forward.
More worryingly Madders is going to use the delay for more ‘consultation’. He believes the oversight of the market has improved dramatically since Carillion, and he wants to ensure the reforms “strike the right balance between oversight and assurance for investors, whilst not placing unnecessary additional burdens on business.”
In response the Committee Chair, Liam Byrne, wants to know which reforms the minster now considers “burdensome”, and wonders where it is getting its advice! ICAS welcomed the questions posed by Byrne.
ICAS CEO, Bruce Cartright, stressed: “Since 2018 the whole accountancy sector has got behind audit and corporate governance reform, and the need for greater accountability for decision making by boards and directors.”
That wait for change is going to be a bit longer!
