Gareth Rees spoke to Law360 about the UK government’s long-awaited audit reform plan, which goes beyond the auditing sector and gives the new regulator powers over corporate executives.
According to Gareth, the legislation could be watered down by the time it is introduced into Parliament as a bill.
“There will be a lot of push back in the consultation, with companies saying they do not need this amount of regulation, and that it would serve to make directors risk averse,” Gareth said. “Already it’s not as robust as Sarbanes-Oxley, and it certainly won’t end up being anything like that.”
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