The topic of U.K. audit reform has been on the horizon for a considerable time. Prompted by high-profile corporate failures such as Carillion in 2018 and Patisserie Valerie in 2019 among others, the U.K. government has been in the process of developing and consulting on reform proposals.
In March 2021, the department for Business, Energy and Industrial Strategy (BEIS) published its 200-page consultation paper, "Restoring Trust in Audit and Corporate Governance", which included proposals for a revamped internal controls framework; and the introduction of a "managed shared audit" system to replace joint audits.
Download this paper for expert advice on how to prepare for U.K. audit reform and to gain a more in-depth understanding of current internal controls regulations.
