Audit reform is now under the remit of the new secretary of state for business, Jonathan Reynolds, supported by ministers Douglas Alexander and Sarah Jones.

A Department for Business and Trade spokesperson told Accountancy Daily: ‘We want the UK to be one of the best places in the world to do business and are committed to improving audit and corporate governance to drive economic growth.

‘The Financial Reporting Council has carried out a number of reforms – including closer supervision of auditors working at UK banks, insurers and listed companies.

‘This government is committed to audit reform and we’ll set out further detail in due course.’

As government websites are being updated to reflect the new Labour government, a minor update to the guidance on audit and corporate governance reform on gov.uk has been posted, with the government stating that ‘reference to draft regulations amended as the government withdrew these on 16 October 2023’.

T