Ensure Audit Reform Is Not Delayed Further

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  Adrian Ramsay MP co-signed this cross-party letter initiated by the Chartered Institute of Internal Auditors.

  Sunday 7 September 2025

  The Rt Hon Sir Keir Starmer KCB KC MP

  Prime Minister

  10 Downing Street

  London

  SW1A 2AA

  Dear Prime Minister,

  We welcomed the Government’s commitment in last July’s King’s Speech to publish the draft Audit Reform and

  Corporate Governance Bill, an important milestone following years of delay. However, we are very disappointed

  that, despite this early promise, it has been announced that it has once again stalled and will not be published for

  pre-legislative scrutiny during this session.

  The case for reform is now more pressing than ever. Strengthening audit and corporate governance is essential

  to laying the foundations for sustainable growth and long-term economic stability. Investors, the public, and other

  stakeholders must be able to rely on accurate, transparent reporting from our largest companies, covering both

  financial performance and other business-critical matters. This is fundamental to restoring trust and confidence in

  UK markets.

  We also need an audit regulator with real authority, one that can hold company directors and audit firms to

  account when failures occur. Without this, the system remains exposed and vulnerable, as the regulator lacks the

  legal powers it needs to do its job effectively.

  It is deeply concerning that over seven years have passed since the collapse of Carillion, yet no legislation has

  been brought forward, despite multiple independent reviews, a Government White Paper, and extensive public

  consultation. In the meantime, we have witnessed further high-profile corporate failures linked to weaknesses in

  audit and governance, including Patisserie Valerie, Bulb, Thomas Cook, Wilko, and ISG - making it clear that

  market oversight remains far from adequate. When companies collapse due to audit and governance failings, the

  consequences are devastating - impacting jobs, pensions, and smaller businesses across supply chains. This is

  the polar opposite of economic growth.

  In today’s increasingly volatile geopolitical and macroeconomic environment, a robust and effective audit and

  corporate governance framework is not a nice-to-have but a business necessity. The Audit Reform and Corporate

  Governance Bill enjoys strong cross-party support and represents a vital opportunity to legislate and regulate for

  growth, resilience, and accountability.

  As we have seen with other important Bills, where there is political will, there is a way. We urge the Government

  to act now, bring forward this long-overdue legislation, and prioritise its passage through Parliament.

  Yours faithfully,

  • Rt Hon Diane Abbott MP, Hackney North

  and Stoke Newington (The Mother of the

  House) (Independent)

  • Luke Akehurst MP, North Durham (Labour)

  • Josh Babarinde MP, Eastbourne (Liberal

  Democrat Spokesperson for Justice &

  Justice Committee)

  • Paula Barker MP, Liverpool Wavertree

  (Committee on Standards) (Labour)

  • Lee Barron MP, Corby and East

  Northamptonshire (Labour)

  • Baroness Bennett of Manor Castle (former

  Leader of the Green Party)

  • Siân Berry MP, Brighton Pavilion (Green)

  • Clive Betts MP, Sheffield South East

  (Public Accounts Committee) (Labour)

  • Bob Blackman MP, Harrow East (Chair,

  Backbench Business Committee)

  (Conservative)

  • Wendy Chamberlain MP, North East Fife

  (Liberal Democrat Chief Whip)

  • Ellie Chowns MP, North Herefordshire

  (Environmental Audit Committee) (Green)

  • Lord Clement-Jones CBE (Liberal

  Democrat Lords Spokesperson for

  Science, Innovation and Technology)

  • Sir Geoffrey Clifton-Brown MP, North

  Cotswolds (Conservative)

  • Daisy Cooper MP, St Albans (Liberal

  Democrat Spokesperson for the Treasury

  & Deputy Leader of the Liberal Democrats)

  • Adam Dance MP, Yeovil (Liberal

  Democrat)

  • Steve Darling MP, Torbay (Liberal

  Democrat Spokesperson for Work and

  Pensions & Work and Pensions

  Committee)

  • Ann Davies MP, Caerfyrddin (Welsh

  Affairs Committee) (Plaid Cymru)

  • Bobby Dean MP, Carshalton & Wallington

  (Treasury Committee) (Liberal Democrat)

  • Carla Denyer MP, Bristol Central

  • The Rt Hon. the Lord Dholakia OBE DL

  (Human Rights Joint Select Committee)

  (Liberal Democrat)

  • Neil Duncan-Jordan MP, Poole

  (Independent)

  • Sarah Dyke MP, Glastonbury and

  Somerton (Environment, Food and Rural

  Affairs Committee) (Liberal Democrat)

  • Sarah Edwards MP, Tamworth (Business

  and Trade Committee) (Labour)

  • Will Forster MP, Woking (Housing,

  Communities and Local Government

  Committee) (Liberal Democrat)

  • Andrew George MP, West Cornwall & Isles

  of Scilly (St Ives) (Health and Social Care

  Committee) (Liberal Democrat)

  • Mary Glindon MP, Newcastle upon Tyne

  East and Wallsend (Administration

  Committee) (Labour)

  • Claire Hanna MP, Belfast South and Mid

  Dow (Leader of the Social Democratic and

  Labour Party)

  • Baroness Harris of Richmond (Secondary

  Legislation Scrutiny Committee) (Liberal

  Democrat)

  • Pippa Heylings MP, South Cambridgeshire

  (Liberal Democrat Spokesperson for

  Energy Security and Net Zero &

  Environmental Audit Committee)

  • Wera Hobhouse MP, Bath (Energy

  Security and Net Zero Committee) (Liberal

  Democrat)

  • The Rt Hon. the Baroness Hodge of

  Barking DBE (Labour)

  • Christine Jardine MP, Edinburgh West

  (Women and Equalities Committee)

  (Liberal Democrat)

  • Liz Jarvis MP, Eastleigh (Culture, Media

  and Sport Committee) (Liberal Democrat)

  • Kim Johnson MP, Liverpool Riverside

  (Labour)

  • Clive Jones MP, Wokingham (Liberal

  Democrat Spokesperson for Trade)

  • Ben Lake MP, Ceredigion Preseli (Welsh

  Affairs Committee) (Plaid Cymru)

  • Graham Leadbitter MP, Moray West, Nairn

  & Strathspey (SNP)

  • Lord Leigh of Hurley (Conservative)

  • Seamus Logan MP, Aberdeenshire North

  and Moray East (SNP)

  • Ben Maguire MP, North Cornwall (Home

  Affairs Committee & Liberal Democrat

  Shadow Attorney General)

  • Helen Maguire MP, Epsom and Ewell

  (Liberal Democrat)

  • Rachael Maskell MP, York Central

  (Independent)

  • Brian Mathew MP, Melksham and Devizes

  (International Development Committee)

  (Liberal Democrat)

  • Andy McDonald MP, Middlesbrough and

  Thornaby East (Labour)

  • John McDonnell MP, Hayes and

  Harlington (Independent)

  • Iqbal Mohamed MP, Dewsbury and Batley

  (Independent)

  • Layla Moran MP, Oxford West and

  Abingdon (Chair, Health and Social Care

  Committee) (Liberal Democrat)

  • Tessa Munt MP, Wells and Mendip Hills

  (Administration Committee) (Liberal

  Democrat)

  • Susan Murray MP, Mid Dunbartonshire

  (Scottish Affairs Committee) (Liberal

  Democrat)

  • James Naish MP, Rushcliffe (International

  Development Committee) (Labour)

  • Sarah Olney MP, Richmond Park (Liberal

  Democrat Spokesperson for the Cabinet

  Office & Public Accounts Committee)

  • Manuela Perteghella MP, Stratford-on-

  Avon (Education Committee) (Liberal

  Democrat)

  • Adrian Ramsay MP, Waveney Valley

  (Green)

  • Martin Rhodes MP, Glasgow North

  (Environment Audit Committee) (Labour)

  • Marie Rimmer MP, St Helens South and

  Whiston (Labour)

  • Baroness Ritchie of Downpatrick

  (Secondary Legislation Scrutiny

  Committee and former Leader of the

  Social Democratic and Labour Party)

  (Labour)

  • Dr Roz Savage MP, South Cotswolds

  (Petitions Committee) (Liberal Democrat)

  • Jim Shannon MP, Strangford (DUP)

  • Lord Sikka (Professor of Accounting at the

  University of Sheffield, and Emeritus

  Professor of Accounting at the University

  of Essex) (Labour)

  • Alex Sobel MP, Leeds Central and

  Headingley (UK Trade Envoy to Ukraine

  and Chair of the Net Zero APPG) (Labour)

  • Ian Sollom MP, St Neots and Mid

  Cambridgeshire (Liberal Democrat

  Spokesperson for Universities and Skills)

  • Baroness Uddin

  • Martin Vickers MP, Brigg & Immingham

  (Backbench Business Committee)

  (Conservative)

  • The Rt Hon. the Lord Wallace of Saltaire

  (Liberal Democrat)

  • Nadia Whittome MP, Nottingham East

  (Environmental Audit Committee) (Labour)

  • Steve Witherden MP, Montgomeryshire

  and Glyndŵr (Welsh Affairs Committee)

  (Labour)