IFAC Comment Letter to the UK BEIS

[News]

IFAC welcomes the opportunity to comment on the Department of Business, Energy & Industrial Strategy Consultation on the Government’s proposal for Restoring trust in audit and corporate governance. The Government has put forth a very comprehensive assessment of issues that are relevant to restoring trust in both audit and corporate governance. We firmly support such an approach that addresses the credibility of directors’ accountability and reporting as well as the statutory audit. As recommendations to this Consultation are considered, IFAC's comment letter proposes three principles as criteria for assessing future reforms. IFAC’s response draws on its previously published framework for Achieving High-Quality Audits—based on the right process, the right people, the right governance, the right regulation, and the right measurement.

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