Written Question·Department for Business and Trade·UIN 39413

Companies: Audit

Tabled: 19 March 2025

Answered: 24 March 2025

Named Day

Question

Mary Glindon

Labour — Newcastle upon Tyne East and Wallsend

To ask the Secretary of State for Business and Trade, if he will take steps to require the largest (a) public and (b) private companies to have (i) an Audit Committee and (ii) an internal audit function, in the context of the collapse of ISG.

Answer

Justin Madders

Companies whose securities are traded on the main market of the London Stock Exchange and banks, building societies and insurers are required to have an audit committee. Other private companies are not required to have an audit committee, but may choose t...

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