Audit Reform

Audit reform: The key to boosting UK cyber resilience

Last month, I collaborated with the Chartered Institute of Internal Auditors on a joint letter to Rt Hon Jonathan Reynolds MP, Secretary of State for Business and Trade, urging immediate action on audit reform legislation to strengthen the UK’s digital resilience. The letter was supported by other cross-industry signatories.  Our…

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Chartered IIA and ISACA call for swift audit reform to build digital resilience

The Chartered Institute of Internal Auditors (Chartered IIA) and ISACA, the global professional association helping individuals and organisations in their pursuit of digital trust, have sent a letter to Rt Hon Jonathan Reynolds MP, Secretary of State for Business and Trade, stressing the “urgent need” for audit reform legislation to…

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CIPFA welcomes gov’s commitment to local audit reform

CIPFA has welcomed the Local audit reform: a strategy for overhauling the local audit system in England published by the Ministry of Housing, Communities and Local Government (MHCLG) on 18 December 2024.  The strategy for overhauling the local audit system in England commits to a series of measures to fix…

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Ministers explore ditching stricter audit rules for private companies

UK ministers are exploring the possibility of getting rid of plans to introduce stricter audit rules for private companies, according to reports from the Financial Times. Business secretary Jonathan Reynolds and employment minister Justin Madders have met big audit firms and big investors to discuss watering down or axing the…

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ACCA urges chancellor to improve HMRC levels amid businesses dissatisfaction

ACCA has written a letter to chancellor Rachel Reeves urging her to reform HMRC efficiency after discovering that 89% of businesses are facing a significant “roadblock” due to poor service levels from the tax authority. A recent survey from the accountants’ association found that there has been a “steady” rise…

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What we know about the newly-formed Centre for Public Interest Audit

The Centre for Public Interest Audit (CPIA) officially marked its debut on 27 June 2024, with its incorporation as a not-for-profit company, limited by guarantee. Based in the heart of London, the CPIA is set to become a pivotal institution in the UK’s auditing landscape, and aims  to influence and…

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What will audit reform look like under Labour?

Labour, having settled in after winning the 2024 general election, have set their eyes on not only prioritising employment and industrial strategy but also comprehensive audit and corporate governance reforms. Jonathan Reynolds MP, the secretary of state for business and trade, has liaised with the ICAEW in the spring of…

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Today’s news in brief – 22/7/2024

Ballards has appointed Peter Henry as its new governance and risk director, bringing over 30 years of experience in audit, compliance, and risk management. Henry’s career began in the 1990s in internal audit roles within the civil service and local government before moving to major companies like Fujitsu and Caterpillar.…

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Newly-formed CPIA appoints Baroness Margaret Ford as chair

A newly-formed professional organisation, the Centre for Public Interest Audit (CPIA), has announced its official incorporation as a not-for-profit company and the appointment of Baroness Margaret Ford of Cunninghame, OBE, to the role of chair. The organisation was formed to bring together auditors from across the profession to shape best…

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Starmer vows to ‘make work pay’ in King’s Speech

The new Labour government has outlined its main goals for the new parliament as part of the King’s Speech today (17 July) with a central focus of “ improving living standards for working people through economic growth”.  Key points outlined in the speech, read by the King but written by…

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