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UK audit reform an update on proposals
Stay up to date on proposals to reform audit and corporate governance in the UK.
Over recent months, the faculty has been considering the UK government’s White Paper, Restoring Trust in Audit and Corporate Governance. While developing our response to this consultation, the faculty has been working with colleagues across ICAEW and engaging with members to solicit and represent a wide range of views. As this process has progressed, we have been keeping members up to date by sharing commentary and opinion on the White Paper and insights into its potential implications in articles, videos and webinars, which can be accessed here.
Although the majority of the proposed reforms will, at least initially, apply only to public interest entities (PIEs), the White Paper includes proposals to change the definition of PIEs, in a way that could bring an additional 2,000 or so organisations into scope – including some public sector bodies. You can learn more about this and what this may mean for affected entities (and auditors).