LONDON - Britain’s new business minister Alok Sharma was urged on Friday to come forward as soon as possible with a draft law to create a more powerful accounting watchdog.
Legislation is needed to implement some recommendations and Rachel Reeves, chair-elect of parliament’s business committee, said the government needed to “stop making excuses” and deliver on audit reform to help avoid the next corporate collapse. Some recommendations from the reviews, such as mandatory joint audits at large companies, are controversial and expected to be ditched in favor of softer alternatives.
Sharma, who trained to be an accountant at Deloitte before entering politics, became Britain’s new business minister on Thursday. The business ministry said on Friday that legislation would be introduced when parliamentary time allowed.
Should they audit audit reform?
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