After nearly a year of delay, the government has confirmed plans for the overhaul of the UK audit market, although it has not set out a timetable for the reforms, only confirming that draft legislation will be issued with the aim of passing the Audit Reform Bill ‘when parliamentary time allows’.

However, acknowledging the complexity and reach of the proposals, the government said that it would take forward ‘multiple strands of reform over a period of several years’. The timescale for implementation is expected to stretch over several years in the case of some measures, with careful consideration to the appropriate minimum lead times to apply, so that the pace of change will be measured and manageable for companies.

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