The UK is set to exclude a long-awaited overhaul of the country's audit and corporate governance regulations from its legislative priorities for the coming year. This expected omission from the King's Speech in November, which outlines the government's agenda for 2023-24, suggests that the reforms may be delayed until after the next general election.
The changes in legislation were initially promised after several large companies collapsed due to widespread accounting fraud that went undetected by auditors. However, the reforms have faced numerous delays. "There are some measures we can take using secondary legislation to implement some of the reforms," one government insider said. "We are still keen to do it — the government isn't backing off — but it's the usual question of parliamentary time."
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion
Sign in and be the first to comment.