IFAC Comment Letter to the UK BEIS

IFAC welcomes the opportunity to comment on the Department of Business, Energy & Industrial Strategy Consultation on the Government’s proposal for Restoring trust in audit and corporate governance. The Government has put forth a very comprehensive assessment of issues that are relevant to restoring trust in both audit and corporate governance. We firmly support such an approach that addresses the credibility of directors’ accountability and reporting as well as the statutory audit. IFAC's response draws on its previously published framework for Achieving High-Quality Audits and proposes three guiding principles for the Government's consideration–the importance of a well-functioning ecosystem, a clear focus on audit quality above all else, and an appreciation for the global context.