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On 18 March 2021, the government published proposals for consultation on reforming the UK鈥檚 audit and corporate governance framework, in the white paper on 鈥楻estoring Trust in Audit and Corporate Governance鈥�.

The white paper responded to the findings of 3 independent reviews commissioned by the government following the collapse of Carillion in January 2018.

In light of that consultation, the government published its final policy plans on 31 May 2022.

The government had previously undertaken initial consultations on 2 of those 3 independent reviews:

• consultation on the recommendations of Sir John Kingman鈥檚 independent review of the Financial Reporting Council 鈥� the March 2019 white paper contained the response to this consultation
• consultation on the Competition and Markets Authority鈥檚 market study of statutory audit 鈥� a summary of responses to this consultation was published alongside the March 2021 white paper

This collection contains those publications and related material. It also contains a factual overview of draft regulations that the government laid in Parliament on 19 July 2023. These regulations covered new corporate reporting requirements that were confirmed in the government response to the white paper.

The government withdrew these draft regulations on 16 October 2023.聽The press release 鈥楤urdensome legislation withdrawn in latest move to cut red tape for businesses鈥� explains why the legislation was withdrawn.