Audit and corporate governance review.

Last chance to provide your input following the Kingman, CMA and Brydon audit reform reviews Following a string of high…

1 Jun 21

My Audit Spot

2 mins

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Last chance to provide your input following the Kingman, CMA and Brydon audit reform reviews


Following a string of high profile corporate collapses within the UK over the past few years, there has been an increased focus on corporate governance and audit quality. This has been seen through three Government commissioned independent reviews in 2018: Sir John Kingman’s Independent Review of the Financial Reporting Council (FRC), the Competition and Market Authority (CMA)’s Statutory Audit Market Study and Sir
Donald Brydon’s Independent Review of the Quality and Effectiveness of Audit.


The Government agrees with the recommendations from all three reviews, although depending on where you sit and what you have read, views can vary wildly. To help, we have included some handy links below so you can read the initial reports and form your own opinion.

The reports

To view the Government’s overall page relating to audit reform, you can visit the Department for Business, Energy and Industrial Strategy (BEIS) here.


For the Sir John Kingman’s Independent Review of the Financial Reporting Council (FRC), please click here.


For the Competition and Market Authority (CMA)’s Statutory Audit Market Study, please click here.


For the Sir Donald Brydon’s Independent Review of the Quality and Effectiveness of Audit, please click here.


The Chartered Institute of Internal Auditors UK has released its own position paper. You can view the position paper here. Feedback on the position paper is due by 11 June 2021. For more information, please click here.

Providing your feedback

Consultation on the reform is now being sought from the public, with consultation to close on 8 July 2021. Those interested in providing input can do so via the following link: https://beisgovuk.citizenspace.com/business-frameworks/audit-and-corporate-governance-review/consultation/intro/

What are your thoughts on the reform? Leave your opinions in the comments below.

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