Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will bring forward legislative proposals on audit reform.

The Government set out its plans for audit and corporate governance reform in the 31 May 2022 Government Response to the White Paper, ‘Restoring Trust in Audit and Corporate Governance’, following a sixteen-week consultation. The Response stated that the reforms will be delivered through primary and secondary legislation and through the UK Corporate Governance Code, as well as market-driven reforms, and that companies which are large public interest entities will be required to publish resilience statements and audit and assurance policy statements. Draft legislation is being developed for publication in due course.