Government recommendations on audit reform, set to be published next week, will hold directors responsible for failures in financial reporting.
Reforms set to be published next week will propose fines and bans for directors held responsible for failures in financial reporting.
According to the Financial Times, BEIS (the Department for Business, Energy and Industrial Strategy) is set to publish its long-awaited recommendations on the audit market, audits and audit committees next week.
The move to shift responsibility is likely responding to a recommendation in the review of audit led by Sir Donald Brydon, published in December, which called for chief financial officers and chief executives to personally sign-off on financial reports.
The review called on government to consid
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