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ICAEW comment on audit reform on eighth anniversary of Carillion collapse

Author: ICAEW

Published: 16 Jan 2026

On the eighth anniversary of the collapse of Carillion, ICAEW Chief Executive Alan Vallance has said the following on audit reform:

“It’s frustrating that eight years since the collapse of Carillion, audit and corporate governance reforms still haven’t happened, though with the changes the profession has made, audit quality and firm governance are in a very different and vastly improved place.

“While we recognise the government has had other priorities it has had ample time to pass this legislation. To make the UK the top global destination for investment, we agree with Richard Moriarty that these reforms should be brought forward and urge the government to do so.”

ENDS

Notes to editors:

About ICAEW 

Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 210,000 members and students around the world. 98 of the top 100 global brands employ ICAEW Chartered Accountants.* 87% of FTSE 100 companies, and 81% of FTSE 250 companies in the UK, have an ICAEW member on their board.

Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 11,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.

We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet’s resources are managed sustainably.

ICAEW is working towards becoming net zero, demonstrating our commitment to tackle climate change and supporting the UN Sustainable Development Goal 13.

ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers.

We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all.

* includes parent companies. Source: ICAEW member data March 2025, Interbrand, Best Global Brands 2024.

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