Ensure Audit Reform Is Not Delayed Further
-
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that, despite this early promise, it has been announced that it has once again stalled and will not be published for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)
