Companies: Audit
The question
To ask the Secretary of State for Business and Trade, if he will make an assessment of the potential merits of requiring the largest (a) private and (b) public companies to publish a triennial Audit and Assurance Policy mandating them to report (i) internal audit and (ii) other assurance capabilities.
Answered by Justin Madders
The Government announced that it would publish a draft audit reform and corporate governance bill in the King’s Speech, which is expected to include extending enhanced Public Interest Entity audit requirements to very large private companies.
The Government is currently undertaking a review of non-financial reporting and aims to consult later in 2025 on reforms to simplify the UK’s corporate reporting framework. This will provide an opportunity to consider the potential merits of additional reporting requirements like an Audit and Assurance Policy statement.
The financial resilience of major suppliers to government, including firms working on infrastructure projects, is monitored on an ongoing basis by the Crown Commercial Service.
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