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
Dr Parth Patel on BBC Politics Live - July 2024
IPPR's Dr Parth Patel on BBC Politics Live discussing the new Labour government, Covid, migration and international affairsA ‘mandate’ to deliver: Who voted Labour and what do they want?
This year’s general election saw the Labour party achieve a historic landslide, winning 218 new seats and a comfortable majority in the House of Commons.Half of us: Turnout patterns at the 2024 general election
One-half of adults in this country voted at the 2024 general election, the lowest share of the population to vote since universal suffrage.