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This white paper sets out proposals to strengthen the UK鈥檚 framework for major companies and the way they are audited. The proposals set out how:

• companies should report on their governance and finances
• reports should be audited
• audit and the audit market should change
• these should be overseen by a new regulator

The objectives of these reforms are to:

• restore public trust in the way that the UK鈥檚 largest companies are run and scrutinised
• ensure that the UK鈥檚 most significant corporate entities are governed responsibly
• empower investors, creditors, workers, and other stakeholders by giving them access to reliable and meaningful information on a company鈥檚 performance
• keep the UK鈥檚 legal frameworks for major businesses at the forefront of international best practice

The proposals respond to recommendations made by 3 independent reviews commissioned by the government in 2018:

• Sir John Kingman鈥檚 Independent review of the Financial Reporting Council
• the Competition and Market Authority鈥檚 statutory audit market study
• Sir Donald Brydon鈥檚 independent review of the quality and effectiveness of audit

Have your say on the proposals

This consultation has concluded. It ran from 18 March 2021 to 8 July 2021.

Read the consultation outcome.