It is almost a year since the UK government published its response to the White Paper on audit reform. The White Paper was itself a response to a number of corporate collapses where audits had been shown to be seriously deficient.

A recent review of the accounts of the ICAEW) revealed that it has received more than £104 million in fines paid by its members with regard to their deficient work since 2015.

A matter of days ago, this was all but confirmed as it transpired that this much needed overhaul would not be included in the King’s Speech which sets out the government’s reform priorities for 2023-24.

There is a major public accountability crisis emerging at Birmingham City Council (BCC). The equal pay liability, which has led to the proposed fire sale of £500m worth of assets, has yet to be formally audited.