ICAS urges UK government to prioritise audit reforms
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J Bruce Cartwright
The Institute of Chartered Accountant of Scotland has responded to the uncertainty surrounding the reform of the UK’s audits regulations after it was revealed that the legislative reforms needed to drive the overhaul is expected to be dropped from the King’s Speech in November.
J Bruce Cartwright CA, ICAS CEO, said: “Dropping audit corporate and governance reform from the King’s Speech, if this is the case, will be a huge blow to the interests of UK businesses.
“There is consensus around these reforms and recognition that this is long overdue. UK businesses needs a sound regulatory environment which is vital to ensure the good governance required by investors, and to maintain the public’s trust, in light of crises such as the Carillion collapse.
“We urge the UK government to reconsider its position on this. Audit reform cannot wait until after the next general election.”
MR Cartwright added: “There has already been too much time spent deliberating. It’s very welcome that some parts of the proposed Audit and Corporate Governance Reform Bill can be taken forward voluntarily, and we are about to submit our response to the FRC’s draft Corporate Governance Code.
“However, legislation should be drafted and enacted to provide the foundation for the corporate governance, corporate reporting and audit reforms that are needed to make the UK’s corporate regulatory framework fit for purpose in the 21st century.”
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