Press releases

Deloitte comment on UK Government response to audit and corporate governance reform consultation

31 May 2022

Today the Government has published the response to its consultation on audit and corporate governance reform. Stephen Griggs, UK managing partner at Deloitte, said:  

“This marks a key step forward in the audit and corporate governance debate. While we await more details on the measures and clarity around timings, it is an opportunity to further strengthen the UK’s corporate reporting system and drive trust in business – which must push ahead at pace. 

“We are committed to reform and our role in it – we have made, and continue to make, significant changes to our firm. This includes launching our independent audit governance board, ring fencing our audit business three years before the deadline for operational separation, and investing significantly in the development of our audit processes and technology. The FRC has had oversight of these developments and will continue to do so as it transitions into ARGA, takes forward the measures set in motion today and becomes an improvement-focused regulator of both auditors and corporates.

“Meaningful change is ultimately going to require policy makers, auditors, regulators, directors and investors to work together and play their part in improving the system.”

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About Deloitte

In this press release references to “Deloitte” are references to one or
more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for
a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time
of going to press.

For more information, please visit www.deloitte.co.uk.

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