The future of audit and corporate governance with Sir Jon Thompson | Webinar

In June 2022, we discussed the Department for Business, Energy & Industrial Strategy (BEIS) hotly anticipated response to their consultation, ‘Restoring Trust in Audit and Corporate Governance’. We covered the key elements of the Government’s response and discussed how the proposed reforms will impact audit firms, companies and directors, and UK capital markets. We understand that audit and corporate governance reform is a key issue for companies and directors and we will continue to keep you updated.

For more information go to https://www.bdo.co.uk/en-gb/neds

00:00 Introduction
03:05 Objectives of the consultation and wider reform
06:50 Responsibilities of Corporate Governance and Financial Reporting
13:25 Sir John Thompson’s perspective on the response, the outcome and objectives of the package of reforms
19:17 New definition of PIE
24:05 Would the audit reforms have helped the corporate environment in the past?
31:00 The Resilience Statement
36:21 Internal controls
43:26 Managed shared audits, competition and audit quality
51:26 When will the system stabilise again?
52:34 Advice and key takeaways for company directors starting the process of transferring to the new rules