UK Government response to audit and governance reform

Following the publication of the BEIS consultation: Restoring trust in audit and corporate governance in March, The UK Government has published its response to the consultation on strengthening the UK’s audit, corporate reporting and corporate governance systems. The stated objectives of the response are to build trust and credibility in the UK’s audit, corporate reporting and corporate governance system; ensure accountability for those playing key roles in that system; and to increase resilience and choice in the statutory audit market. This, it is hoped, will further increase trust in the UK as a place to invest and to obtain investment.

This is a UK consultation. However, it is expected to have impacts on Irish companies with a UK listing and with UK incorporated subsidiaries. The specific impacts will depend on how the provisions are implemented and timelines have not yet been identified.