U.K. Faces Criticism as Government Backtracks on Audit and Corporate Governance Reforms
The United Kingdom's plans for comprehensive audit and corporate governance reforms have encountered a setback, drawing criticism from industry experts and officials. The absence of primary legislation for the proposed reforms raises concerns about the government's ability to respond effectively to future corporate crises, according to a statement released by the Institute of Chartered Accountants in England and Wales (ICAEW).