Audit: Reform
The question
To ask the Secretary of State for Business and Trade, what steps his Department is taking to reform the audit sector; what his planned timetable is for (a) introducing the Draft Audit and Corporate Governance Reform Bill and (b) establishing a new audit regulator; and whether he plans grant any new regulator powers over Director's accountability.
Answered by Justin Madders
As set out in the King’s Speech, the Government intends to publish a draft Audit Reform and Corporate Governance Bill in this session. The Government will keep the House updated as we work towards publication and scrutiny of a draft Bill.
This involves careful consideration of measures relating to the audit sector and corporate reporting, including transitioning to a new regulator with powers relating to directors’ accountability.
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