MPs and peers are urging the prime minister to speed up heavily delayed reforms to the accounting industry to stave off further high-profile corporate collapses.
A cross-party group of politicians, including Dame Margaret Hodge, has written to Rishi Sunak asking him to commit to audit reform by the end of this parliament by including it in the King’s Speech on November 7.
The government said that it would overhaul the audit industry after the collapse of the outsourcer Carillion in 2018, which delayed the construction of schools and hospitals and cost taxpayers an estimated £148 million.
Dame Margaret Hodge is among a cross-party group of MPs who have written to Rishi Sunak about audit reform
JULIE EDWARDS/ALAMY
The Financial Reporting Council (FRC), the industry regulator, fined the Big Four accounting firm KPMG a record £21 million this month over “textbook errors” in its audit of Carillion.
