STATEMENT: Scrapping the Audit Reform Bill a “missed opportunity”

Responding to the government’s decision to scrap the Audit Reform Bill, UKSIF CEO James Alexander said:

“The UK’s reputation as a competitive international financial centre and destination for investment has, for a significant part, depended on strong governance and high-quality audit standards.

“The choice to abandon plans to further strengthen these foundations represents a huge missed opportunity, which has the potential to undermine the UK’s growth and competitiveness in the long term.

“We could see the consequences of this decision felt ultimately by businesses, investors, employees and consumers in the future, and we would urge the government to look again at this.”