Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps his Department is taking to ensure that audit requirements are accessible and affordable for small and mid-sized quoted companies.

The government has previously announced its plans to modernise and simplify the corporate reporting framework and expects to publish a consultation on the Modernising Corporate Reporting shortly. The consultation will consider financial, non-financial, remuneration and corporate governance reporting, as well as proposals to reduce burdens on business and to simplify the preparation and audit of accounts and reports, including for quoted companies. The consultation will also consider the appropriateness of the UK’s framework for reporting and auditing by small and medium-sized companies.