Outrage as Government Signals Audit Reform on Ice

The wait goes on for reform of the UK audit market.

Although earmarked as a “priority”, there will be no draft bill in the forthcoming Queen’s Speech of the proposed regulatory changes that include a new watchdog, competition caps and shared audits.

Government officials have briefed the media that the legislation has been dropped from Her Majesty’s list on 10 May when she announces the bills to go before Parliament.

Back in 2021, Business Secretary Kwasi Kwarteng said the transformation of the audit market from top to bottom and addition of a new regulator was one of his priorities when he unveiled a white paper detailing some of the intended changes.

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