Cross-party alliance of 60+ MPs call on PM to prioritise audit reform

More than 60 MPs and peers have written to prime minister Sir Keir Starmer, urging the government to prioritise the long-delayed Audit Reform and Corporate Governance Bill.

The Chartered Institute of Internal Auditors coordinated the letter, signed by 66 parliamentarians representing eight political parties — including Labour, the Conservatives, Liberal Democrats, Greens, SNP, Plaid Cymru, the DUP — as well as several independents.

The bill, announced in the 2023 King’s Speech, has still not been published. In July, it emerged that its release had been delayed again, prompting the cross-party appeal.

The letter described the delay as “deeply concerning” and said reform was essential to strengthen oversight of large companies and restore public confidence in UK markets.

It reads: “We welcomed the Government’s commitment in last July’s King’s Speech to publish the draft Audit Reform and Corporate Governance Bill, an important milestone following years of delay. However, we are very disappointed that, despite this early promise, it has been announced that it has once again stalled and will not be published for pre-legislative scrutiny during this session. The case for reform is now more pressing than ever. “Strengthening audit and corporate governance is essential to laying the foundations for sustainable growth and long-term economic stability.

“Investors, the public, and other stakeholders must be able to rely on accurate, transparent reporting from our largest companies, covering both financial performance and other business-critical matters. This is fundamental to restoring trust and confidence in UK markets.We also need an audit regulator with real authority, one that can hold company directors and audit firms to account when failures occur. Without this, the system remains exposed and vulnerable, as the regulator lacks the legal powers it needs to do its job effectively.”

It cited high-profile corporate collapses in recent years, including Carillion, Patisserie Valerie, Thomas Cook, Wilko and Bulb, as evidence of the current system’s failings. The signatories warned that audit and governance breakdowns have “devastating” consequences for jobs, pensions and smaller businesses.

The MPs and peers added that a robust audit and corporate governance framework is not optional but necessary for sustainable growth and economic resilience. They called on the government to act “now” and put the long-overdue Bill before Parliament.

The letter concluded: “As we have seen with other important Bills, where there is political will, there is a way. We urge the Government to act now, bring forward this long-overdue legislation, and prioritise its passage through Parliament.”