UK ministers are exploring scrapping promised stricter audit rules for private companies as the government seeks to dial back regulation in a bid to boost economic growth.
Business secretary Jonathan Reynolds and employment minister Justin Madders have met large audit firms and big investors in recent months to discuss watering down or axing reforms that would designate about 600 companies “public interest entities”, according to people familiar with the talks.
The previous Conservative government pledged to reform the UK’s audit regimes after multiple high-profile corporate failures, such as outsourcer Carillion, retailer BHS and café chain Patisserie Valerie.
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