News

UKs audit regime to be revamped

The government has announced plans to revamp the UK’s corporate reporting and audit regime.

The main changes were summarised as follows in a joint press release published by the Department for Business, Energy & Industrial Strategy, Department for Levelling Up, Housing and Communities, and the Minister for Corporate Responsibility.

  • government will tackle dominance of ‘Big Four’ audit firms and create a new regulator to reduce the risk of sudden big company collapses, safeguard jobs and reinforce the UK’s reputation as a world-leading destination for investment
  • reform is already underway, with the Business Secretary acting today to enable the regulator to ban failing auditors from reviewing large companies’ accounts
  • government commits to review corporate reporting burdens on businesses to maximise the benefits of Brexit and reduce burdens

The reforms are intended to improve the audit regime and corporate transparency will help prevent sudden large-scale collapses like Carillion and BHS, which affected countless small businesses and led to job losses.

The Financial Reporting Council (FRC) will be replaced by a new, stronger regulator – the Audit, Reporting and Governance Authority (ARGA). This is expected to start from April 2023. Large private companies will also come under the scope of the regulator for the first time.

Source: Department for Business, Energy & Industrial Strategy Tue, 07 Jun 2022 00:00:00 +0100

Newsletter

With our newsletter, you automatically receive our latest news by e-mail and get access to the archive including advanced search options!

> SIGN UP FOR THE NEWSLETTER
> LOGIN

Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK