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 Audit Reform Delays Holding UK Back

Audit Reform Delays Holding UK Back

by Starling Insights

Starling Insights Editorial Board


Micheal Izza, the Head of the Institute of Chartered Accountants in England & Wales (ICAEW), recently warned that the UK government's failure to overhaul the country's audit sector could lead to a loss of investor confidence, threatening Britain's position as a leading investment hub. 

Izza argued that the reforms must be prioritized to give businesses certainty in the regulatory environment, expressing hope that new business secretary Kemi Badenoch will be a problem solver who can get the reforms done. "It just feels that someone needs to grab this by the scruff of the neck and move forward," Izza stated, as the planned reforms "are pretty much ready to go." 

Izza cautioned that the upcoming election could further delay the reforms, noting that other important issues, such as the energy and cost-of-living crises, could absorb the government's focus. "We've got to recognize we're in a competitive situation," Izza said. "We want people to be confident they can invest here."

Starling will soon publish "Renal Failure: A Crisis in Audit Culture?", a Deeper Dive supplement to our 2022 Compendium, which will discuss the recent rash of scandals in the audit profession and how it impacts society at large. Join Starling Insights to be alerted when it is released!

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