Bloomberg Tax
April 29, 2022, 1:12 PMUpdated: April 29, 2022, 3:15 PM

Audit Reform Dropped From U.K. Government’s Action Plan (1)

Michael Kapoor
Michael Kapoor
Freelance Correspondent

The U.K. is set to yet again delay audit reform by dropping it from the Queen’s Speech, which sets out legislative plans for the next year, a person familiar with the situation told Bloomberg News Friday.

The government has promised to act on a series of reports that have proposed reforms including creation of a new, more powerful, audit watchdog and the forced separation of big accounting firms’ audit and consulting arms. These were published following the 2018 collapse of Carillion Plc. But Parliament hasn’t passed the necessary legislation.

The Department for Business, Energy & Industrial Strategy, which ...