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UK Announces Audit Reform Legislation

UK Announces Audit Reform Legislation

by Starling Insights

Starling Insights Editorial Board

Jul 22, 2024

Observations

Last week, the King's Speech — which set out the legislative agenda for the new Government's first session of Parliament — announced new legislation to strengthen audit and governance in the UK. This includes the long-awaited establishment of the Audit, Reporting and Governance Authority (ARGA).

In 2018, following several significant corporate failures, the UK government launched a review of the Financial Reporting Council (FRC), the country's independent audit regulator. The review, headed by Sir John Kingman, found that the FRC faced several severe constraints in its ability to set effective standards for governance and audit. Most prominently, these included a lack of statutory base and little practical regulatory power over the industry. As such, Kingman recommended that the FRC be replaced by a more powerful regulatory body, the ARGA.

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