Audit reform to go ahead, confirms Queen’s Speech

The government has pledged to go ahead with reform to the audit market with plans to release a draft bill covering a raft of reforms including managed shared audit outlined in the Queen's Speech

The outline plans were set out in the briefing document issued after the Queen’s Speech, delivered to parliament by the Prince of Wales.

The purpose of the draft Bill is to rebuild trust in the UK’s audit, corporate reporting and corporate governance system and the insolvency regulatory framework. It is designed to ensure accountability for those with key roles in the audit firms.

The Financial Reporting Council will be replaced by a new statutory regulator, the Audit, Reporting and Governance Authority (ARGA), that will protect and promote the interests of investors, other users of corporate reporting and the wider public interest.

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