UK ministers explore further scaling back audit reform legislation

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The British ministers are studying the further scale, as they are treated to reform the audit market, as they seek to relieve the settlement on business to promote economic growth.

The ministers supervised the bill on the Audit Reforms and Corporate Government discussed a measure that would force four large accounting enterprises to share the audits of the largest companies with smaller companies.

The step can take effect the legislation, which promised to adopt the total elections in 2024, while there are two other basic reforms in danger of water.

The previous conservative government has offered mandarin-used audits to have 350 companies registered in the United Kingdom of Large-scale auditors, or 10-30 percent of their audits, challenge firms.

The proposal aimed at reducing the risk of a large quartet on Deloitte, EY, KPMG and PWC – and alleviate fears about system failure if one firm collapsed. About 88 percent of FTSE 350 used to use one of four in 2023.

It was planned as part of a broader legislative pressure to strengthen the scope of UK audit and corporate governance after multiple high-quality corporate and auditing failures, including emigrant carillion and retail sale.

But most of the accounting enterprises did not welcome the general audit and companies that will affect the measures that will affect the fear of the size, which will lead to higher payments.

One government figure confirmed that business secretary Jonathan Reynolds viewed the obligation of the general audit of the bill, a step that will “reduce business expenses” when the government’s priority is.

The person stressed that no final decision was made, and that Reynolds had yet to talk to the financial reporting council, accounting regulators.

Large four firms are reluctant to share their work, while some challenge accounting enterprises are also against changes. They are concerned that labeling the “insignificant” audit partner may limit the possibility of providing FTSE 350 audit on its own, as they are expanding.

Concerns about the joint audit can duplicate work and pay fees, and they also followed the opposition, saying two of the people.

Shared audits can leave the bill after two other major reforms under the restored verification.

Suggestions to reclassify the largest private companies so that they are subjected to a strictly regulatory check are already endangered AxAnd the second offer can be watered to force non-accountant directors of firms responsible for failing.

In 2023, Reynolds told the Financial Times that if the work won the work, it would lead to extended reforms in the audit market.

Last year the government used it The first King’s speech Promotion of Auditing Reforms and Corporate Management Project Project, which included replacing the current regulator with a more powerful audit, reports and management.

But one person familiar with the ministers of the ministers said that the project proved that it was difficult to design and could be postponed outside spring.

Baroness Margaret Ford, chairman of the Lobby Group of the Lobby Group, stated that “it is disappointed” if the ministers watered proposals “in general to conduct a residual report.”

“If the government is serious about the quality of accountability and auditing, it must ensure that this bill provides strong changes promised for the profession,” he said.

The business and trade department informs: “The government wants to provide a flexible and competitive audit market in Great Britain. He considers it carefully how to achieve that goal. “