Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, if he will make an assessment of the potential (a) costs and (b) merits of making internal audit functions a mandatory requirement for all contractors delivering public sector infrastructure projects.

The Government announced that it would publish a draft audit reform and corporate governance bill in the King’s Speech, which is expected to include extending enhanced Public Interest Entity audit requirements to very large private companies. The financial resilience of major suppliers to government, including firms working on infrastructure projects, is monitored on an ongoing basis by the Crown Commercial Service.