Audit forensic accounting finally takes centre stage in audit reforms

Audit failings blamed for collapse

The Conservative Party’s Manifesto set out the party’s aims for audit reform within the following statement: “We are also strengthening the UK’s corporate governance regime, and will reform insolvency rules and the audit regime so that customers and suppliers – and UK taxpayers – are better protected when firms like Thomas Cook go into administration. We will also carefully study the results of the ongoing investigation into its collapse.”

Sir Donald Brydon’s review dated December 2019

On 18 December Sir Donald published his 138-page report into audit reform.  His terms of reference were set by the Government at the beginning of the year and included the ambitious aim of “seeing the UK at the forefront of corporate governance internationally. This includes maintaining a leadership position internationally in terms of the evolution of the audit”.  

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