“Carillion’s collapse almost six years ago marked a watershed moment for UK audit and corporate governance, but it appears that the government’s promise of comprehensive reform will remain unfulfilled due to a lack of political will.
“It is very disappointing that the audit and corporate governance bill is missing from the King’s Speech, leaving us with no realistic prospect that this key piece of primary legislation will happen before the next election. This comes hard on the heels of the government’s surprise decision last month to scrap new draft reporting regulations which the regulator and the accountancy profession had been working on for years.
“The attractiveness of the UK as a place to invest and do business is firmly based on the high quality of corporate transparency, governance, reporting and audit in this country. The government’s faint-hearted attitude to protecting and maintaining that reputation does the economy no favours.”
Notes to editors:
Contact: ICAEW media office, email@example.com or 07557 161315