Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, with reference to the Restoring trust in audit and corporate governance white paper published in March 2021, what steps her Department is taking to establish the new Audit, Reporting and Governance Authority regulator.

The Government Response to consultation on ‘Restoring Trust in Audit and Corporate Governance’ set out ambitious proposals to improve audit and corporate governance in the UK. Reform is already underway, and the Financial Reporting Council has made significant changes.

Some of the Government’s plans, including the creation of the Audit, Reporting and Governance Authority, require primary legislation. The Government will legislate when Parliamentary time allows.