News - Audit

Audit reform

7 May 2021

On the 18th March 2021 the government launched a consultation on wide-ranging reforms to modernise the country’s audit and corporate governance regime.

The UK is one of the leading destinations for foreign investment. However, in recent years, investor and public confidence in how businesses are governed has been undermined by large-scale company failures which lead to severe job losses and the bill being picked up by the British taxpayer.

To improve corporate transparency and strengthen the UK’s position with foreign investors the government has launched a major reform which is currently in the 16-week consultation period.

The government’s proposals would see a new regulator the Audit, Reporting and Governance Authority (ARGA). The aim is to increase quality and standards in the market and increase choice for businesses, while breaking up the dominance of the “Big Four” audit firms.

Large companies would be required to use a smaller firm to conduct a meaningful portion of their annual audit, removing dominance of the big-name auditors whilst boosting jobs and growth of smaller audit firms across the country.

Alexander Myerson already offer cost effective statutory and voluntary audits to a variety of companies. We are ready to assist more companies meet their obligations with a robust audit service.

For more information please contact us here.