Question to the Department for Business and Trade:

To ask His Majesty's Government what steps they plan to take to mitigate the risk of further avoidable corporate failures pending the introduction of strengthened audit and governance regulations.

The quality of audit regulation and audit itself has seen considerable improvement in the last eight years following the collapse of Carillion; however, we will continue to work closely with the Financial Reporting Council to keep improving the audit market. The government is committed to good governance, and the UK is a world leader in corporate governance. We will take a further step in this direction by launching a consultation to modernise, simplify and streamline the UK’s corporate reporting framework, with the ambition to make the UK’s reporting regime the most proportionate in the world.