Restoring trust in corporate governance, reporting and audit

“To be successful, reform needs action by all relevant market participants. We recognise that audit firms have a responsibility to continue to invest in audit quality and this is an ongoing priority for PwC. We also believe that there are many benefits to be gained by companies taking steps now to proactively adopt a number of the proposals outlined in the consultation.”

Hemione Hudson, Head of Audit, PwC UK

Many of the Government’s (BEIS) proposals in their consultation on Restoring trust in audit and corporate governance can serve as critical building blocks for meeting this objective at a company as well as systemic level; by strengthening the whole system of governance, risk management and control and ensuring there is better communication and transparency in corporate reporting.

We supported a great many of the proposals and continue to believe they have the potential to reduce uncertainty and restore confidence and trust in the UK and at the same time help companies to enhance their own risk management and resilience. For these reasons, we believe that there are many benefits of proactively pushing ahead with a number of the proposals and have developed our “Restoring trust series” which contains practical guidance for companies who do so.