The Institute of Chartered Accountants of Scotland (ICAS) has called on the UK government to maintain its commitment to audit and corporate governance reform. 

It stressed the importance of these measures for corporate accountability. 

This plea comes amid reports that UK ministers are contemplating postponing the Audit Reform and Corporate Governance Bill, which was announced in the King’s Speech last July. 

It follows the findings of the Kingman, CMA and Brydon reports. 

ICAS, a global professional membership organisation for Chartered Accountants, has expressed concern that delaying reform could lead to a “race to the bottom” in corporate accountability.  

It warned that neglecting reform could undermine the hard-earned advancements in corporate governance. 

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ICAS CEO Bruce Cartwright said: “These reforms, initiated following the findings of the Kingman, CMA and Brydon reports, are essential if the UK is to maintain and protect its global reputation as a trusted and stable business environment. Regulation should not be viewed as the enemy of growth, but as a framework that supports it by providing the public and investors with greater confidence that the UK is a safe place to do business.   

“We urge the government not to dilute these reforms in a way that could lead to weaker oversight of Board decision making or compromise the UK’s high standards. Instead, we advocate for carefully crafted legislation that strikes the right balance between supporting growth and avoiding unnecessary burden on businesses, through proportionate, purposeful regulation that builds on what has already been achieved on a voluntary basis.  

In December of 2024, ICAS celebrated its 170th anniversary

It remains dedicated to influencing the future of the accountancy profession. 

In alignment with its vision, ICAS launched “Shaping the Profession,” a programme aimed at anticipating and guiding the changing role of finance professionals within society.