Commenting on the Queen’s Speech in reference to audit reform, Mike Suffield, director, Professional Insights at ACCA says:
‘It’s pleasing to see that a draft audit reform bill has indeed been mentioned in the Queen’s Speech.
'But the reform needed is not just for audit. Previous government proposals also included broader corporate governance arrangements and directors’ responsibilities.
'As always with policy, the devil will be in the detail when it is published, and we look forward to seeing more. In the meantime, we welcome this next step, especially with the overdue commitment on the part of the Government to put the proposed replacement for the FRC - the Audit, Reporting and Governance Authority - on a statutory footing.’
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