Audit and Regulatory Reform – Implications for the Profession

ICAEW Manchester and Alliance Manchester Business School are bringing together leaders from Government, the Financial Reporting Council and ICAEW to outline and discuss the proposals for major audit reform in the UK.

Audit in the UK is in transition, with major reform and increased regulation being planned by the Government and the Financial Reporting Council.
This event with ICEAW Manchester and Alliance MBS will give the business community the opportunity to feedback to the government and to comment on the proposed reforms. This event will also look to highlight the areas where practicing and business accountants and Directors can start to understand how to deal with the changes. There will be ample opportunity for the audience, both present and online, to question the panel and make constructive comments on the proposals.

Background
In July 2022, the Financial Reporting Council (FRC) published a Position Paper setting out the next steps to reform the UK’s audit and corporate governance framework.

The paper follows the Government Response to the consultation on strengthening the UK’s Corporate Governance, Corporate Reporting and Audit systems, including the creation of the Audit, Reporting and Governance Authority (ARGA), to replace the FRC.

The document builds on the areas of the Government Response that fall within the FRC’s remit, providing advanced clarity for stakeholders on how the work of reform will be delivered ahead of government legislation.

That work includes revising existing codes, strengthening auditing and accounting standards, setting expectations to drive behavioural change ahead of statutory powers, and the development of guidance to address issues set out in the Government Response.

In particular, the Position Paper sets out proposed changes to the UK Corporate Governance Code. This will provide a stronger framework for reporting on the effectiveness of internal controls and Board responsibilities for expanded sustainability and ESG reporting, and new guidance on enhanced resilience statements and fraud reporting by directors.

For full details and to register click here