UK Endorsement Board

(asked on 25th April 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government whether the UK Endorsement Board has undertaken an analysis of what constitutes 'reliability' in the context of audited accounts and its endorsement criteria; and whether any such assessment excludes positions that resemble those of the large accounting firms that were criticised in the Commons Business, Energy and Industrial Strategy Select Committee's report The Future of Audit, published on 2 April 2019.


Answered by
Lord Callanan Portrait
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 28th April 2022

The UK Endorsement Board has been delegated powers to consider new international accounting standards for UK adoption only; it has no remit over audit policy and audit standards.

This includes an assessment of the compatibility of new standards with the requirements of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 No. 685 (IAS Regulations). The IAS Regulations require that “the standard meets the criteria of understandability, relevance, reliability and comparability required of the financial information needed for making economic decisions and assessing the stewardship of management.” These requirements were on-shored from EU legislation on the UK’s exit from the EU and have long been understood in the context of adoption of international accounting standards.

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