World Accounting Report
UK update: April 2021
UK audit reform
The UK Government has recently announced its proposals for overhauling the audit market and to establish a new regulator in
the place of the Financial Reporting Council. The reforms cover a broad range of areas from shared audits; operational separation
of audit and non-audit activities for some audit firms; enhanced powers for the regulator and more reporting obligations for
companies. This article provides an overview of this important development.