Boards face a formidable piece of new work as the government pushes forward with reforms to corporate reporting.

Audit firms need to develop an organisational culture that empowers auditors to consistently and courageously do the right thing.

Advisory body PIRC considers recommending shareholders vote against auditors if they fail to “publicly repudiate” the consultation document.

Trusted corporate information is vital as firms and stakeholders assess the impact of both climate change and Covid-19 on business strategies.

Government recommendations on audit reform, set to be published next week, will hold directors responsible for failures in financial reporting.

The UK financial watchdog has announced that the operational separation of audit must take place by the end of June 2024.

Signs of change at the top as BDO is ranked second only to PwC by number of listed clients—although FTSE 100 audits remain the preserve of the Big Four.

Recent media reports suggest the government is leaning towards shared audits as part of long-awaited market reforms—despite warnings against the move.

Other proposals include audit committee chairs being grilled at AGMs and a new statement of purpose to cement auditors’ public interest role.

Changes include a shorter list of permitted extra services and a stronger role for an “ethics partner” inside audit firms.