Tuesday, July 23, 2024

ICAS: UK government’s failure to implement audit and corporate governance reform is unacceptable

ICAS CEO Urges Next UK Government to Prioritize Audit and Corporate Governance Reform

In a recent statement, Bruce Cartwright, CEO of the Institute of Chartered Accountants of Scotland (ICAS), has called on the next UK government to prioritize audit and corporate governance reform. This call to action is part of ICAS’ five key asks for the next government, aimed at rebuilding trust in businesses and ensuring a more sustainable and ethical finance profession.

Cartwright emphasized the urgent need for legislative action to address issues of public trust in the wake of corporate failures such as Carillion and Patisserie Valerie. He highlighted the far-reaching impact of corporate failures on shareholders, staff, suppliers, and pension holders, underscoring the importance of implementing mechanisms to improve contingency planning and learn from past mistakes.

In addition to audit and corporate governance reform, ICAS is advocating for increased investment in the tax system and HMRC, a focus on sustainability reporting standards, support for skills development in the accountancy profession, and the creation of clear and consistent regulatory frameworks.

The full list of ICAS’ asks for the next UK government can be found on their website, outlining a comprehensive set of recommendations to support the growth and integrity of the finance profession in the UK.

As we look towards the future, it is clear that proactive measures are needed to rebuild trust in businesses, protect livelihoods, and ensure a positive legacy for future generations. By prioritizing audit and corporate governance reform, the next UK government has the opportunity to strengthen the finance profession and promote a more sustainable and ethical business environment.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.

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