Deloitte’s commentary on the UK government’s response to the consultation on audit and corporate governance reform

Today the government has posted the answer to its consultation on auditing and corporate governance reform. Stephen Griggs, UK Managing Partner at Deloitte, said:

“This marks a major step forward in the debate on auditing and corporate governance. As we await more details on the measures and clarity on the timelines, this is an opportunity to further strengthen the UK’s business reporting system and build confidence in businesses – which need to keep pace.

“We are committed to reform and to play our part in it – we have made and continue to make significant changes to our firm. This includes the launch of our Independent Audit Governance Council, the separation of our three years before the operational separation deadline and significant investment in the development of our audit processes and technologies. The FRC has overseen these developments and will continue to do so as it transitions to ARGA, advances the measures put in place today and becomes a regulator focused on improving auditors and companies.

“Meaningful change will ultimately require policymakers, auditors, regulators, administrators and investors to work together and play their part in improving the system.”

– ENDS –

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Helen D. Jessen