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Audit, Accounting and Reporting

The regulatory framework on corporate audit, accounting and narrative reporting in the UK.

It is vital that the UK economy has efficient and effective capital markets and there is confidence in the corporate framework through greater transparency.

Providing for reliable and informative reporting contributes to this commitment through the development of the regulatory framework on audit, accounting and narrative reporting in the UK. This includes the implementation of international accounting standards and international standards on auditing.

As the economies are increasingly globalised, this requires an ongoing dialogue with UK stakeholders and EU/International regulators on measures to encourage market stability. This includes advancing competition and resilience in the market for audit and assurance services.

Further information on our work on audit, accounting and reporting is available using the navigation links on the left of this page. 

 

If you require further information concerning accounting and audit which is not available on this website please contact us using the following email address CLG Enquiries


 

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What's New? Audit, Accounting and Reporting

New Audit Directive and Regulation

The European Commission has published proposals for a new Audit Directive to amend Directive 2006/43/EC on statutory audits of annual and consolidated accounts and a new Audit Regulation.

 
Full details of new Directive and Regulation can be viewed at the Commission’s website. Please see following link: http://ec.europa.eu/internal_market/auditing/reform/index_en.htm

 
This proposal is relevant to UK companies, their directors, shareholders, auditors, regulators and standard setters. We would welcome views on the proposal from all individuals and organisations with an interest in company financial reporting. Please send your comments at the earliest opportunity to audconsult@bis.gsi.gov.uk

 
New Accounting Directive


The European Commission has published proposals for a new Accounting Directive that will replace the 4th and 7th Company Law Directives. Further information is available on the Accounting Directive page.

 
http://www.bis.gov.uk/policies/business-law/accounting-auditing-reporting/eu-proposal-for-new-accounting-directive

 
Consultation paper on the Financial Reporting Council (FRC) Reform

 
A consultation paper has been published on reforming its structural framework to make it even more effective in supporting UK's business interests.

House of Lords Select Committee Inquiry into Audit

BIS submitted evidence to the House of Lords Select Committee on Economic Affairs for their inquiry into Audit. Edward Davey also appeared before the committee on 25 January 2011. The Committee's report was published on 30 March and is available on the Parliament website.

The Government's response to the Committee's report was ordered to be printed by the Committee on 14 June, and is available on the Parliament website

"Auditors: Market Concentration and their Role" - Government Memorandum of Evidence