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Audit and corporate governance reform

Despite further government delays, the Audit Reform and Corporate Governance Bill remains critical to UK growth. ICAEW’s Audit and Assurance Faculty unpacks the key issues.
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Insights

Audit reform delay: ‘government should commit now’

Alan Vallance calls for the government to prioritise the draft Audit Reform and Corporate Governance Bill as its delay is announced.
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Audit reform

Tackle audit reform and boost growth, says ICAEW CEO

Seven years on from the collapse of Carillion, Alan Vallance is urging the government to ‘close the chapter’ on audit and corporate governance reforms and finalise legislation this year to support the sector and deliver economic growth.
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Insights

Why the resilience statement hasn’t gone away

Despite the government dropping a requirement for UK plc to produce a resilience statement, some businesses still see the benefits of adopting its principles.
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Informing policy

We need audit reform from our next government

ICAEW has given evidence to the Business and Trade Committee on the challenges of audit and corporate governance reform. Iain Wright, ICAEW’s Managing Director, Reputation and Influence, explains what’s needed.
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Latest news and insights

Governance reporting: clarity improved, culture remains weak
  • Article
  • 18 Nov 2025
The latest FRC Corporate Governance Reporting Annual Review is broadly positive but identifies some specific areas for improvement.
Charity Governance Code revamp urges reflection on board behaviours
  • Article
  • 05 Nov 2025
The biggest revision to the Code in eight years is launched during Trustees’ Week and sees a shift away from processes and recommended practice to getting charity boards to reflect on their effectiveness.
Six steps to strengthen governance ahead of new Provision 29 requirements
  • Article
  • 22 Oct 2025
Corporate governance is at a crossroads. Experts warn that frameworks that once looked robust are no longer enough, particularly as revisions to Provision 29 come into force in January 2026.
Audit firm numbers decline
  • Article
  • 17 Oct 2025
The Financial Reporting Council’s Key Facts and Trends in the Accountancy Profession report indicates a slight slowdown in the audit market as we await more detail on audit reform – but audit income remains strong.
Government letter reveals audit reform intentions
  • Article
  • 14 Oct 2025
Proposals to cap audit market share may have been abandoned while the definition of PIE may expand to organisations with more than 1,000 employees and £1bn in turnover, according to ex-DBT minister.
ICAEW technical round-up: July 2025
  • Article
  • 31 Jul 2025
HMRC sets out digital ambitions as service issues persist, and audit reform remains delayed, while the FRC provides clarity on related party disclosures for small entities and Companies House communicates an implementation date for changes to accounts filing requirements.
Audit reform delay: ‘government should commit now’
  • Article
  • 25 Jul 2025
Alan Vallance calls for the government to prioritise the draft Audit Reform and Corporate Governance Bill as its delay is announced.
Revisions to Provision 29 of the UK Code: what auditors need to know
  • Article
  • 22 Jul 2025
What are the new requirements for companies under Provision 29 of the FRC’s Revised UK Corporate Governance Code?
More articles

Exploring the headline reforms

Where next for audit and governance reform?
  • Podcast
In this Insights In Focus episode, we discuss the future of audit and corporate governance reform.
Developing a meaningful Audit and Assurance Policy
  • Report
ICAEW recommendations in this report and the extensive outreach and evidence gathering process on which they are based, suggest that introducing an “Audit and Assurance Policy“ could render corporate information more informative.
Audit and Assurance thought leadership
  • Hub page
Thought leadership reports produced by the Audit and Assurance Faculty to address the key challenges and opportunities facing auditors and assurance providers now and in the future.
Driving more informative auditor resignation statements
  • Helpsheets and support
Are auditors providing meaningful information in their resignation statements, and if not, why not? This article looks at the requirements and what stakeholders have been saying.

Thought Leadership: the future of audit

Sharpening the focus on corporate fraud: an audit committee perspective
  • Thought leadership report
This report from ICAEW's Audit and Assurance Faculty considers audit committee perspectives on the nature and extent of corporate fraud and what the corporate sector is doing to improve the chances of preventing and detecting it.
Sharpening the focus on corporate fraud: an audit firm perspective
  • Report
What steps are audit firms taking now to better facilitate fraud deterrence and detection and what more can be done by all players in the financial reporting ecosystem?
Audit quality: how to raise the bar
  • Thought leadership report
What steps can and should audit committees, audit regulators, investors and auditors in the UK take to improve audit quality? This essay from the Audit and Assurance Faculty examines audit quality in terms of ownership, behavioural aspects, and structural drivers.
Fraudulent financial reporting: fresh thinking
  • Report
In this essay we focus on ways in which the skills and insights of auditors can be brought to bear to maximise the likelihood of identifying fraudulent financial reporting.
Shared and joint audits: are two auditors better than one?
  • Article
Governments and regulators are considering whether to mandate shared or joint audits in an attempt to increase audit quality, competition and choice.
User-driven assurance: fresh thinking
  • Thought leadership report
With calls for better engagement between auditors and users, we recommend the application of a three "pillar" model of what we call "User-Driven Assurance"; a new way of thinking about assurance, directed in its first phase by the needs of the primary user – the shareholders.
Internal control effectiveness: who needs to know?
  • Thought leadership report
Reporting on the effectiveness of controls over financial reporting features prominently in the current reviews of UK audit and regulation. This essay explores the current position in the UK, compares it with what happens in the USA and elsewhere in the world, and sets out the case for change and potential options.
Internal controls reporting: sketching out the options
  • Thought leadership report
What might a future framework for reporting on internal control over financial reporting (ICFR) look like? This essay from the Audit and Assurance Faculty examines various reporting frameworks, including COSO and the UK Code, as well as how these fit in with Sir Donald Brydon’s recommendations.

Quality management

With new quality management standards for audit on the horizon, there is an opportunity for firms of all sizes to supercharge their audits and reap significant knock-on benefits that go beyond ticking the regulatory box

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