New UK reporting requirements scrapped

Government withdraws annual resilience statement, fraud detection/prevention statement and triennial audit and assurance policy (AAP).

After consultation with companies raised concerns about imposing additional reporting requirements, the Government has withdrawn its proposed new reporting requirements for large UK listed and private companies. These would have included an annual resilience statement, fraud detection/prevention statement and triennial audit and assurance policy, which followed from the 2021 white paper Restoring Trust in Audit and Corporate Governance.

Concerns were raised as part of the Government’s call for evidence on the wider reporting regime including non-financial reporting requirements (as outlined in Policy RoundUp). The Government have now promised a new reform package that will ‘deliver a more targeted, simpler and effective framework’ for issuers and investors. These changes will need to be reflected in the revisions to the Corporate Governance Code, some of which were based on these (now abandoned) reporting requirements.