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. A group of children sit around a table at primary school. A little boy smiles into the camera

    Breaking the cycle: A blueprint for special educational needs and disability (SEND) reform

    The education system is not working well enough for children with special educational needs and disabilities (SEND), their families, or the professionals delivering support.
  2. A group of young women laughing sitting around a cafe table

    Making space: Meeting the needs of young women and girls through Young Futures

    This is a critical moment for the government’s delivery of Young Futures Hubs, which can transform outcomes for young women and girls. 
  3. Doctor with patient for consultation, medical advice or procedure at clinic

    Building the foundations for transformation in the NHS

    The government has published a bold 10-year plan to transform England’s health system which, if fully delivered, will make the NHS of tomorrow look radically different from today’s service.