PARLIAMENTARY WRITTEN QUESTION
Audit: Standards (1 November 2021)

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the White Paper on Restoring trust in audit and corporate governance, what assessment he has made of whether managed shared audit is the most effect method of audit reform to improve resilience in the FTSE350.

Asked by:
Kevin Hollinrake (Conservative)

The Government’s White Paper on “Restoring Trust in Audit and Corporate Governance: Proposals for Reform” was published in March this year and proposed the introduction of managed shared audit as part of a package of measures, which together aim to improve corporate governance, quality of accounting, auditing and their regulation, and competition and resilience in in the FTSE 350 audit market, for the UK’s largest companies.

The Government is currently considering all submissions from stakeholders, in response to the White Paper and will publish a Government response to the consultation in due course.

Answered by:
Paul Scully (Conservative)
9 November 2021