The Association of Financial Mutuals (AFM), the Building Societies Association (BSA), the Quoted Companies Alliance (QCA), and UK Finance have today jointly published "Audit for Growth: Proportionality in Audit and Reporting", a new policy paper outlining proposals to modernise the UK’s audit regime. 

The policy paper is prepared to support the Government ahead of its consultation on the themes of the draft ARCG Bill as noted in the 2024 King’s Speech. While some of the members of the four trade associations behind this paper are large and systemically important institutions, a significant proportion are smaller organisations that face disproportionate regulatory burdens not aligned with their size, nature, or risk profiles.

This paper draws on publicly available information to demonstrate the impact on audit costs for
our members as well as sharing insights from a range of our members on the qualitative and
quantitative impacts of the audit regulatory framework on competition, choice, resilience, and trust
in the UK audit market. This paper also refers to the impact that disproportionate burdens have on
the growth of our members.

Download the report

Link to press release