A cross-party group of Members of Parliament and Members of the House of Lords in the UK recently sent a letter to Prime Minister Rishi Sunak, urging the government to include the long-anticipated Audit Reform Bill in the forthcoming King's Speech on November 7th. The Bill was promised by the government over a year ago but has faced significant delays.
The reforms are needed to equip the UK's audit regulator, the Financial Reporting Council (FRC), with new legal powers to give it the teeth it needs to hold audit firms and company directors to account when there are corporate failures, the letter argues. "We are writing to express our strong support for the inclusion of the Audit Reform Bill in the forthcoming King's Speech," it reads. "This long-awaited legislation is vital to restoring trust in audit and corporate governance."
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