TO BE PUBLISHED December 2024
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Format: DOWNLOADABLE PDF
This conference will discuss next steps for audit reform and corporate governance policy in the UK.
It takes place as the Government prepares the draft Audit Reform and Corporate Governance Bill, which aims to launch the new Audit, Reporting and Governance Authority (ARGA) accounting regulator to replace the Financial Reporting Council. The conference is bringing stakeholders together with policymakers to consider the outlook for the audit market, implications for businesses and key priorities moving forward in the context of upcoming reform.
Delegates will consider the scope and remit of ARGA, how to improve transparency in large companies and the accountability of directors, the effects of the updated UK Corporate Governance Code and the QCA Corporate Governance Code (2023) on stakeholders, the definition and role of public interest entities (PIEs), and protection against conflicts of interest. We also expect delegates to assess the new listing rules introduced by the FCA in July 2024 to support a wider range of companies to issue shares in the UK, looking at implications for corporate governance codes and transition arrangements, as well as implications of the new corporate criminal offence of failure to prevent fraud introduced under the Economic Crime and Corporate Transparency Act 2023.
Potential new requirements will be considered, with discussion on independent assessment, strengthening risk controls and predictive risk management, and best practice for reporting. Sessions will also bring out latest thinking on the handling of whistle-blowing, with data from regulators highlighting concerns over conduct and overall culture within financial services firms.
Further sessions examine key issues for audit reform, with discussion on priorities for ARGA, including minimising the risk of major company collapses, as well as the future for the audit market and supporting the UK’s reputation as an investment destination.
Delegates will also consider implications for financial reporting and governance of measures in the October 2024 Budget, as well as the impact of the recently passed Budget Responsibility Act 2024, which aims to ensure that the Government’s major fiscal announcements are subjected to an independent assessment by the OBR.
Sessions also include discussion on latest developments and next steps for use of technology to advance risk management and tackle regulatory arbitrage. Further discussion will look at strengthening audit market resilience, including recommendations made by regulators in their inspections reports, and whether these are being implemented effectively.
We are pleased to be able to include keynote sessions with: Matilda Curtis, Deputy Director, Audit Reform, DBT; Prof Luca Enriques, Professor of Corporate Law, University of Oxford; Gavin Hayes, Head, Policy and Public Affairs, Chartered Institute of Internal Auditors; and Professor Peter Pope, Professor, Accounting, LSE. Further senior participants are being approached.
Overall, areas for discussion include:
- policy: assessing the new Government’s approach to corporate governance and scrutiny
- reform:
- establishment of ARGA with expanded powers to investigate and sanction directors - priorities for set-up and operation - implications for audit quality and corporate governance
- what is needed for the oversight authority to be effective in supporting governing bodies, employers and employees - relationships and collaboration with other institutions
- accountability: enhancing transparency in large companies - extending PIE status to major private companies - balancing regulatory requirements with operational flexibility for smaller entities
- risk and governance:
- strengthening corporate governance frameworks - incorporation of predictive risk management and whistleblowing strategies
- clarity on roles and responsibilities across the range of corporate entities - improving internal controls
- the audit market: oversight and supporting resilience - strategies to prevent conflicts of interest within audit firms - tackling variation in audit quality across sectors
- scrutiny: potential impact of the Budget Responsibility Act 2024 - priorities for the OBR moving forward - implications for corporate financial planning and forecasting
- reporting: integration of sustainability and wider ESG considerations - alignment of corporate governance with decarbonisation goals - addressing challenges in adapting to digital transformation
- regulation: FCA and PRA capacity post-inquiry - balancing growth and competitiveness objectives with robust regulatory frameworks - priorities for maintaining UK financial sector attractiveness
- corporate culture: assessing whistleblowing frameworks - improving corporate culture and ethical standards - potential legislative reforms to enhance whistleblower protections
All delegates will be able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices, and more widely. This includes the full proceedings and additional articles submitted by delegates. As well as key stakeholders, those due to attend include officials from HM Treasury; HMRC; DfC, NI; DBT; DfE, NI; DoE, NI; and The Scottish Government.
