Powerful cross-party alliance of 60+ Parliamentarians call on PM to prioritise audit reform

As Parliament returned from summer recess last week, 66 influential MPs and Lords from eight political parties and all corners of the UK have signed a letter to the Prime Minister, urging the Government to prioritise the long-overdue Audit Reform and Corporate Governance Bill —promised in last year’s King’s Speech but still not published.

The Chartered Institute of Internal Auditors coordinated the cross-party letter after it emerged in July that the draft Bill had been delayed yet again.

The letter reads: “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are very disappointed that, despite this early promise, it has been announced that it has once again stalled and will not be published for pre-legislative scrutiny during this session.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.”

The letter has been signed by:

·        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 (Co-Leader of the Green Party)

·        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)