ACCA has responded to the UK government’s decision not to press ahead with the long anticipated audit reform. Maggie McGhee,  Executive Director – Strategy and Governance, ACCA, said: ‘Legislation to establish the Audit, Reporting and Governance Authority (ARGA) should  have proceeded without delay. Over the years ACCA has been consistent in that. Establishing ARGA would have  given businesses certainty and ensured the UK maintains its reputation for the highest standards of corporate governance. 

‘We cannot hide our disappointment and our disagreement with this decision which we thinks makes no sense. The time to reform and strengthen corporate governance is when we are in a relatively good place, not when we are in the midst of a corporate governance and audit failure crisis. So we disagree completely with the idea that the need for reform is less pressing. Businesses do not grow where corporate governance is below par. 

‘We will work with other stakeholders and the government to see that the FRC works as well as possible. The first step is for the government to do what it has said and put the FRC on a proper statutory footing. Please stop the delay now.’

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About ACCA

We are ACCA (the Association of Chartered Certified Accountants), the only truly global professional accountancy body. Since we were founded in 1904, we’ve been breaking down barriers to the accountancy profession. Today we proudly support a diverse community of over 257,900 members and 530,100 future members in 180 countries.
We’re redefining accountancy. Our cutting-edge qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to lead and drive sustainable value in organisations and economies worldwide.
Guided by our purpose and values, we’re leading the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that focuses on people, planet and prosperity to create value for all. 

Find out more at: www.accaglobal.com