A series of high-profile UK corporate failures in recent years forced the Government to act on audit sector reform in 2018. This led to the Government commissioning three independent reviews, led by Sir John Kingman, Sir Donald Brydon and the Competition and Markets Authority, to evaluate the leading causes behind the recent pattern of corporate failures and make recommendations for sector-wide reform. Following these reviews and as of February 2022, the Government is yet to release final legislation for Parliamentary debate.

The slow and fragmented pace in the Government’s approach to addressing much-needed audit sector reform has caused concern amongst some leading political and business figures, prompting fears the Government will water down recommendations instead opting for tactical changes that fail to deliver the extent of reforms required.

I have actively engaged the Government since 2018 to advocate for audit sector reform in the interest of minimising future harm to customers, employees, suppliers, and investors who are the victims of corruption, ethical violations, and persistent failures by the “Big Four” auditing firms to deliver the highest standards of financial auditing and disclosures.

Following a discussion with Darren Jones MP, Chairman of the Business, Industrial & Energy Strategy Select Committee, the Government are expected to set out priorities for audit sector reform in an upcoming Queens speech, expected around April 2022.

Below is my latest letter to Boris Johnson, the UK’s Prime Minister, advocating for greater urgency within the Government to propose reformative legislation to address inherent weaknesses in the trust, functioning and performance of this critical economic sector.