Public Sector: Audit
The question
To ask the Secretary of State for Business and Trade, whether the draft Audit Reform and Corporate Governance Bill will contain measures to improve the quality of the auditing of public sector bodies.
Answered by Justin Madders
The Government's manifesto committed to overhaul the local audit system to provide high quality, timely assurance to taxpayers. On 30 July, Jim McMahon, the Minister of State for Local Government and English Devolution, outlined to Parliament immediate actions to address the local audit backlog in England. Longer-term, he committed to reviewing the evidence (including external review recommendations) and to update the House this autumn.
The draft Audit Reform and Corporate Governance Bill will tackle bad financial reporting through a strengthened regulator. It will uphold standards and independent scrutiny of companies' accounts, supporting investment and economic security.
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