Rebuilding trust in business
A tougher regulatory regime is proposed for auditors and directors, which some hail as a significant step forward in corporate governance and an urgently needed catalyst for changes in behaviour. David Adams gauges the initial reaction to the March 2021 BEIS White Paper: Restoring Trust in Audit and Corporate Governance
Corporate incompetence and wrongdoing are nothing new, but in the years since the 2008 financial crisis, each new business scandal has diminished public and political trust. The idea that businesses should do more for society than just provide products, services and jobs has become deeply entrenched. The reputation of the audit industry is also surely at an all-time low, after repeated failures to spot warning signs of impending corporate catastrophes.