Strengthening rather than rebuilding the corporate reporting system should be the government’s focus in upcoming reforms, with fraud and unexpected failure in Britain’s most important companies a key priority, ICAEW argues.
In its upcoming response to the BEIS consultation Restoring Trust in Audit and Corporate Governance, ICAEW will say that the time is right to press ahead with long-lasting and meaningful reforms to the UK’s corporate governance and audit framework. This will ensure investors and other stakeholders have access to high-quality, focused, transparent and reliable information on UK companies.
“Reinforcing reform in the stewardship of those most significant companies upon which investors, employees, supply chains and large parts of the UK’s economic base relies is also a necessary pre-requisite in helping to restore trust in business,” ICAEW’s submission to the consultation states.
However, ICAEW argues that strengthening, rather than rebuilding, all parts of the corporate reporting system would be the best approach to ensuring it remains world-class. Fraud and unexpected failure in Britain’s most important companies should be the focus.
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