The Audit and Assurance Faculty highlights some key points and its role in ICAEW’s response to the UK government proposals.
In March 2021, the UK government published its long-awaited consultation, Restoring Trust in Audit and Corporate Governance (see tinyurl.com/AB-TrustConsult2). The Audit and Assurance Faculty has played a key role in developing the ICAEW response to this Department for Business, Energy and Industrial Strategy (BEIS) consultation. The full response was submitted on 8 July and a copy is available on the ICAEW website. This article distils ICAEW viewpoints in some key areas in which faculty staff were involved in drafting the response.
The consultation brought together the findings of the three independent government reviews in 2018: Sir John Kingman’s Independent Review of the Financial Reporting Council; the Competition and Market Authority’s Statutory Audit Services Market Study; and Sir Donald Brydon’s Independent Review into the Quality and Effectiveness of Audit. A timeline of these reviews with links to ICAEW responses and related activities is available.