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Lord in Waiting/Government Whip (Lord Leong) (Lab)

Speaking in the House of Lords on 31 March 2025

Debate

Audit, Reporting and Governance Authority

Contribution

My Lords, as announced in the King’s Speech, the Government intend to publish the draft audit reform and corporate governance Bill in due course. The Government’s aim is to modernise the Financial Reporting Council’s framework for standard-setting and to uphold the principle of the separation of powers in the establishment of the audit, reporting and governance authority. It would not be appropriate to anticipate the contents of the Bill in advance of its publication. However, the Government agree with the noble Baroness, Lady Bowles, that transparency and due process should be at the forefront of standard-setting processes.

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