L

Lord Sikka (Lab)

Speaking in the House of Lords on 31 March 2025

Debate

Audit, Reporting and Governance Authority

Contribution

My Lords, it is fundamentally wrong that a body funded and populated by corporate and audit industry interests makes the rules which affect distribution of income and risks. Its cognitive capture means that Whitehall reforms are neglected. To take just one example, the audit partner of PwC spent just two hours on the audit of BHS. There are still no disclosures about the audit time budgets, composition of audit teams or lists of questions asked by auditors. Why is the Minister not willing to seek the immediate disclosure of these facts?

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