UKs audit regime to be revamped
09/06/2022

The government has announced plans to revamp the UK’s corporate reporting and audit regime.

The main changes were summarised as follows in a joint press release published by the Department for Business, Energy & Industrial Strategy, Department for Levelling Up, Housing and Communities, and the Minister for Corporate Responsibility.

  • government will tackle dominance of ‘Big Four’ audit firms and create a new regulator to reduce the risk of sudden big company collapses, safeguard jobs and reinforce the UK’s reputation as a world-leading destination for investment
  • reform is already underway, with the Business Secretary acting today to enable the regulator to ban failing auditors from reviewing large companies’ accounts
  • government commits to review corporate reporting burdens on businesses to maximise the benefits of Brexit and reduce burdens

The reforms are intended to improve the audit regime and corporate transparency will help prevent sudden large-scale collapses like Carillion and BHS, which affected countless small businesses and led to job losses.

The Financial Reporting Council (FRC) will be replaced by a new, stronger regulator – the Audit, Reporting and Governance Authority (ARGA). This is expected to start from April 2023. Large private companies will also come under the scope of the regulator for the first time.


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Celerica are a firm of accountants and registered auditors (regulated by the Association of Chartered Certified Accountants).

Our team and associates have worked not only as accountants within the profession but also as Finance Director’s for businesses allowing us to use our wide experience to make a positive impact on your business.

The business was established in 2006 but its roots and relationship of the partners goes back to 1988.  Our client base extends across the UK and many different business sectors.  Though our office is in Leicester we take the ‘we will come to you’ approach and are always happy to travel to see you, wherever you are.

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Leicester
LE2 8AN


0116 2838038
contact@celerica.co.uk

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