Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, in the context of the proposed Audit, Reporting and Governance Authority, what assessment her Department has made of the potential implications for her polices of the Financial Reporting Council’s decision to increase its funding, staff and remit prior to the draft Audit Reform Bill being published.

The Department supports the FRC’s decision to set a budget for 2023/24 that will enable it to deliver its regulatory functions and strengthen its capability, based on its current powers and responsibilities, and in preparation for the Government’s planned reforms to audit and corporate governance