The Chartered Institute of Internal Auditors (IIA) has written to the PM, Chancellor and business secretary urging them to prioritise audit reform and set out a clear timetable for the rollout.

The lack of a clear timetable for when these proposals will be put into place is concerning, while proposals that would strengthen internal controls have been shifted to the UK’s Corporate Governance Code instead of being tabled for legislative action.

The issue has been raised by Baroness Natalie Bennett and Darren Jones MP, chair of the influential Business, Energy and Industrial Strategy Committee, who have questioned the government’s commitment to audit reform.

Baroness Bennett has asked the government what progress has been made and what resource allocation has been put towards the draft of the Bill while Darren Jones MP has asked if the business secretary will bring forward legislative proposals on audit reform.