Omission of the Audit and Corporate Governance Bill from the King's Speech

That the Parliament notes the reported concerns raised by The Institute of Chartered Accountants of Scotland following the omission of the Audit and Corporate Governance Reform Bill from the King’s Speech; believes that dropping audit and corporate governance reform from the King’s Speech is a huge blow to the interests of businesses and the public; considers that it will undermine public trust in the business community; notes that it follows what it sees as the UK Government’s last-minute decision in October 2023 to pull its draft regulations to enhance the UK’s corporate reporting framework; considers that there is consensus among all the key players that these reforms are long overdue, and believes that UK businesses need a solid regulatory environment to ensure good governance, to maintain the public’s trust and to make the UK’s corporate regulatory framework fit for purpose in the 21st century.