This note has been developed in preparation for the Audit and Corporate Governance Reform Bill proposed by the new Labour administration in the 2024 King’s Speech.
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This report analyses the financial situation at Birmingham City Council and the factors that led to the issuance of the section 114 notice in September 2023.
The UK’s audit industry has faced unprecedented criticism after high-profile corporate collapses.
The audit industry is plagued by poor performance. Auditors are failing to show independent judgement or professional scepticism.
This briefing responds to the recent section 114 (s114) notice at Birmingham City Council (BCC) in September 2023, described as the ‘effective bankruptcy’ of Europe’s largest authority.
Between January 2021 and February 2022 thirty-one energy firms exited the energy market, affecting more than two million consumers.