The House of Commons Business, Energy and Industrial Strategy (BEIS) Select Committee has launched a follow-up inquiry on audit reform.
The Committee originally launched an inquiry into audit reform in November 2018, publishing its report in April 2019. The follow-on inquiry has been launched in light of a number of reviews on audit-related matters, including by the Competition and Markets Authority, Sir Donald Brydon and Sir John Kingman.
A key question for the inquiry is whether the proposals from each of these audit reviews fit together as a coherent package that can deliver meaningful reform. The inquiry terms of reference also state that the Committee will consider:
- the progress on implementing those reforms which do not require primary legislation;
- when the Government intends to bring forward any legislation that is required; and
- how the proposed audit reforms fit with wider corporate governance reform.
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