Westminster Business Forum

Financial reporting in the UK - the new regulator, ensuring quality and the future shape of the auditing market

Morning, Wednesday, 11th December 2019

Central London

THIS EVENT IS CPD CERTIFIED



This timely seminar will examine financial reporting in the UK at a time of significant proposed change and will look in particular at the establishment of the new regulator, accounting and auditing quality and market competition.


As the new Audit, Reporting and Governance Authority (ARGA) replaces the Financial Reporting Council (FRC), delegates will discuss how the new regulator can best function in practice and the likely impact of the new regulator on businesses, investors and auditors.


The conference takes place as the Government considers feedback to its consultation on the proposals following its response to the independent review of the FRC, with ARGA expected to be granted statutory powers to enforce changes to accounts, directly regulate auditors and to investigate company directors, as well as being granted new sanctions to tackle serious misconduct.  


Delegates will also discuss proposals in the CMA’s statutory audit market study including an operational split between audit and advisory businesses, mandatory joint audits to increase opportunities for challenger firms to increase the resilience of the market, and increased oversight of businesses audit committees.           


Sessions will assess the impact that the proposals including the operations split are likely to have on competition and the ability of UK firms to audit international companies - and potential implications such as added complexity and costs to businesses.


Further sessions will look at the role of financial reporting and what can be done to improve standards and transparency following previous corporate accounting failures and will follow the anticipated publication of the independent review of the quality and effectiveness of audit.          


We expect discussion on how audits and financial reports can be made more effective and reputable and how best to address the expectations gap between the scope and remit of audits and the expectations of investors and wider stakeholders. 



Keynote Speaker

Baroness Bowles of Berkhamsted

Member, House of Lords Economic Affairs Select Committee and Non-Executive Director and Chair, Regulatory Advisory Group, London Stock Exchange Group

Keynote Speaker

Baroness Bowles of Berkhamsted

Member, House of Lords Economic Affairs Select Committee and Non-Executive Director and Chair, Regulatory Advisory Group, London Stock Exchange Group

Chair

Kirsty Blackman MP

Officer, All-Party Parliamentary Corporate Governance Group and Shadow SNP Spokesperson (Economy)

Speakers

Hywel Ball

Managing Partner, Assurance, UK and Ireland and UK Head of Audit, EY

Scott Knight

Head of Audit and Assurance, BDO

Leon Kamhi

Head of Responsibility, Hermes Investment Management