Companies: Audit

Department for Business, Energy and Industrial Strategy written question – answered on 1st June 2022.

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Photo of Baroness Bennett of Manor Castle Baroness Bennett of Manor Castle Green

To ask Her Majesty's Government whether the draft Audit Reform Bill will include measures set out in the Restoring trust in audit and corporate governance white paper for stronger internal company controls, including certification by company directors, and requirements for companies to publish an Audit and Assurance Policy.

Photo of Lord Callanan Lord Callanan Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The Government published its response to consultation on the Restoring Trust in Audit and Corporate Governance White Paper on 31 May.

The Government will strengthen directors’ accountability for their company’s internal controls by inviting the Financial Reporting Council to strengthen the UK Corporate Governance Code to provide for a directors’ statement about the effectiveness of the company’s internal controls, including the basis for that assessment.

The Government will also introduce a statutory requirement on large companies to publish an Audit and Assurance Policy.

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