“We cannot hide our disappointment that eight years since the collapse of Carillion and after many false dawns, the government has decided to scrap the audit and corporate governance bill. The government had itself recognised that an audit reform bill would increase global investor confidence in UK companies and boost the prospects of growth.
“Nevertheless, with the changes the profession has made, audit quality and firm governance and resilience are in a very different and vastly improved place from where they were in 2018.
“The final piece in the puzzle is to give the FRC as regulator all the tools it needs to carry out its job. We offer to continue to work with the government, the FRC and firms to ensure these specific powers are granted and that the UK is the best place in the world to attract global investment.”
ENDS
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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.
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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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