Proper reform is needed if we are to rebuild trust in the audit process

As we strategy tomorrow’s King’s Speech, which units out the federal government’s legislative priorities for the 12 months forward, I can’t assist however really feel that that is Groundhog Day for the audit career.

Following the collapse of Carillion the federal government undertook a much-needed, complete sequence of opinions of the entire system of company reporting and auditing. Because of this, commitments to reform have been included within the December 2019 and 2022 speeches, in addition to the Conservatives’ 2019 manifesto and Labour stated that they too needed this to progress.

Regardless of these commitments we nonetheless await laws to carry this all collectively and there was hypothesis that it’s unlikely to make the programme set out tomorrow.

Brexit, Covid, the price of residing disaster, geopolitical tensions: UK