Dirk Beerbaum writes the Wirecard scandal underlines the need to confront the ‘inherent’ conflicts of interest caused by companies paying the auditors who police their financial reporting.

Plans for resilience reporting regulations are scrapped in the volte-face, as is the requirement for an audit and assurance policy.

Shadow minister for business, Jonathan Reynolds, says Labour will push through audit reform when in office.

Lessons from Davos; companies risk sliding back on ethical practices; economics affects everyone; Sir John Kingman moves to Barclays.

Sir John Kingman will join as a NED and take over from Crawford Gillies as chair of the group’s ring-fenced banking arm, Barclays UK.

One of the Kingman review’s key recommendations for reforming audit was a version of US Sarbox rules, a proposal supported by many audit committee chairs.

Revised code shifts the emphasis from stating policies to assessing outcomes, with ESG and climate named as key areas for companies to take into account.

The author of a review into the Financial Reporting Council (FRC) has written to the business select committee to protest that the Queen’s Speech failed to include FRC reforms.

The Financial Reporting Council is to come to an end as a government report recommends replacing it with a new body—the Audit, Reporting and Governance Authority.

Business secretary Greg Clark has launched an independent review of the role of accounting watchdog Financial Reporting Council, over concerns that it “lacks teeth”.