April 2026
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This conference examined the future for the audit market and modernising corporate reporting in the UK.
It brought stakeholders and policymakers together to consider next steps following the Government deciding not to proceed with the proposed Audit and Corporate Governance Reform Bill, citing wider legislative pressures and a preference for more targeted reform. Discussion looked towards the transition to new institutional arrangements for auditing, following the Economic Crime and Corporate Transparency Act 2023 and ongoing developments under the UK Corporate Governance Code.
Delegates assessed implications of the decision for businesses and auditors, including how a proportionate corporate reporting regime might best be developed to balance business costs and administrative burdens whilst avoiding future corporate failure, as well as wider strategic considerations for improving the functioning of the audit market. We also expected discussion on how concerns around a perceived lack of clarity could be addressed and future approaches can best be shaped to facilitate positive outcomes for both businesses and investors.
Policy proposals & implications
With the Government confirming that consultation would not go ahead on the introduction of audit and corporate governance measures, delegates assessed the renewed focus on simplifying and modernising the corporate reporting regime, including priorities for engagement by government and the regulator with business, investors, the audit profession and other interested parties.
Sessions assessed priorities for the future role and powers of the Financial Reporting Council, and how its remit might develop over time, with the Government planning to put the FRC on a statutory footing. Priorities for regulatory oversight, guidance, and capacity were discussed, alongside the way forward for institutional arrangements and governance. This included how boards, auditors and other stakeholders can best prepare for potential changes to reporting, assurance and accountability expectations.
Competition confidence & access in the UK audit market
With the FRC’s final report on how the audit market serves small and medium-sized enterprises expected soon, discussion also focused on priorities for fostering confidence and competition across the market, as well as priorities for supporting SME access to audit services and reducing reporting burdens. Sessions examined the way forward for proportionate approaches to SME audits, as well as how technological solutions and further FRC guidance on applying audit standards might support smaller practitioners.
Proposals to address the wider functioning of the audit market - particularly for the largest listed companies - were also considered, including how stakeholder concerns around reform timeframes and related costs can best be addressed.
Preparation, oversight & meeting requirements
The agenda also looked at practicalities of compliance and enforcement, and preparation needed by boards and audit committees for internal controls declarations under the UK Corporate Governance Code, including board responsibility for the effectiveness of internal controls and risk management under Provision 29.
Discussion also considered how Companies House identity verification reforms may affect audit and reporting requirements, and what adjustments might be needed to ensure alignment across frameworks. The role of regulators and auditors in supporting proportionate implementation was explored, including how oversight can best be balanced with flexibility.
Confidence, culture, accountability & sustainability
Further sessions focused on investor confidence and public trust in corporate reporting, in the context of recent updates to the UK Stewardship Code. Delegates considered support needed for implementation, including approaches for maintaining accountability and transparency with reduced reporting burden on signatories, as well as how disclosures can strengthen value creation for investors, including on environmental, social and governance, and climate-related reporting.
Considerations of conduct, culture and accountability within governance frameworks were discussed, in the context of increased director accountability provisions in the Economic Crime and Corporate Transparency Act. Latest thinking on effective practice in positively influencing behaviour and decision-making across organisations was also discussed.
As well as key stakeholders those attending included officials from the Department for Business and Trade; Department for Energy Security and Net Zero; Department for Science, Innovation and Technology; Department of Agriculture, Environment and Rural Affairs, NI; Department for the Economy, NI; Department for Communities, NI; Department of Health, NI; Department of Finance, NI; Department of Education, NI; Health and Safety Executive; HM Revenue and Customs; HM Treasury; Ministry of Housing, Communities and Local Government; Environment Agency; National Audit Office; Food Standards Agency; Transport Scotland; National Wealth Fund; Audit Wales; and The Scottish Government.
