Deloitte comments on BEIS consultation on audit and corporate governance has been saved
Deloitte comments on BEIS consultation on audit and corporate governance
18 March 2021
Commenting today on the Department for Business, Energy and Industrial Strategy’s (BEIS) consultation on “Restoring trust in audit and corporate governance”, Stephen Griggs, UK managing partner at Deloitte, said:
“The Government’s White Paper marks a key milestone in moving ahead with reform of the audit market and wider corporate governance system. It also provides a significant opportunity to enhance the reputation of the UK as a leading capital market and strengthen its position in the global economy, particularly as we emerge from the pandemic and the UK repositions itself after leaving the EU.
“We’ve been consistent in our support for reform as the need for change is clear. It is important that changes in audit are complemented by reforms to the governance of the UK’s largest and most complex businesses and those with a significant impact on public interest. Defining which entities are captured by new reforms is key to ensuring they are focused where they are most needed, not on smaller entrepreneurial businesses.
“It is critical that input into the consultation is given not just by audit firms and policymakers, but investors, company directors, audit committee chairs and industry bodies at large. Only widespread input from across the business community will ensure audit and the whole corporate governance regime evolves to better meet society’s expectations.”
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