The truth tellers: Why we need profound audit sector reform now

Article

In 2017, seemingly out of the blue, the construction giant Carillion collapsed. The official inquiry into its failure describes the situation running up to the company's collapse as 'a story of recklessness, hubris and greed'.

In this report, we highlight that dramas like this one are playing out in smaller forms in other UK businesses every year. This leaves the UK economy with significant costs.

Bad governance and poor management with too little accountability in businesses is at the heart of this problem. Auditors should be the gatekeepers helping to keep such financial mismanagement at bay, yet too often they are failing to do so.

In this first report of a three-part series, we provide an assessment of the core problems of the audit sector and their costs for society. We will also show how a reformed audit sector could be boon for a productive economy.

Related items

  1. The great enabler: transport’s role in tackling environmental crises and delivering progressive change

    In this special issue of IPPR Progressive Review we bring together leading political, academic and civil society thinkers to consider transport in modern Britain and its role in delivering a healthier, greener, more prosperous and…

  2. The shape of devolution

    How do we create transparent, fair and practical footprints for local power across England?
  3. Wind turbines near the Scottish borders on a sunny day

    Everything everywhere, all at once: The need for a four nations approach to accelerate wind deployment in the UK

    The UK is a world leader in wind deployment and has some of the most ambitious future wind capacity targets in the world, aiming for clean power by 2030.