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Watering down UK audit reform: An economic boost or a ‘short-sighted’ mistake?

By Phoebe Seers ( March 3, 2025, 16:25 GMT | Comment) -- UK government efforts to water down a long-planned and much-delayed overhaul of the country's audit regime have been described as “short-sighted” by one auditors' industry body. Anticipated new powers to pursue non-accountant directors and to extend the regulator’s scope to cover audits of large private companies look more uncertain than ever amid a headlong push to cut red tape. A big question is whether that could threaten the health of the UK economy rather than boost it. A much delayed overhaul of the UK’s audit regime appears increasingly likely to be watered down, with the planned new regulator having less power than envisaged — a possibility described as “short-sighted” by one auditors' industry body....

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