Audit reform given green light in King’s Speech

In a King’s Speech packed with 40 bills, reform of audit and corporate governance was one of the first issues mentioned by King Charles

The government will go ahead with long- awaited reforms of the audit market to create a tougher audit regulator to replace the Financial Reporting Council (FRC), changes to audit regulations and tighter corporate governance oversight, including the ability to hold directors at companies to account.

The measures will be set out in the Draft Audit Reform and Corporate Governance Bill, including a timetable for the creation of the new Audit, Reporting and Governance Authority (ARGA).

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