The ARGA reforms aim to strengthen UK auditing following failures like Carillion and BHS. By replacing the FRC, ARGA introduces more robust oversight and enforcement powers.
Auditors will face stricter expectations for transparency, scepticism, and professional ethics. Companies will need to maintain higher standards in reporting and governance.
The authority also seeks to promote competition in the audit market, improving overall quality and reliability.
These reforms represent a major step forward in ensuring auditors play their crucial role in protecting investors and maintaining confidence in financial markets.
