To ask the Secretary of State for Business and Trade, with reference to the report by the Financial Reporting Council entitled Annual Review of Audit Quality 2024, published on 30 July 2024, whether he plans to take steps to improve audit (a) regulation, (b) quality and (c) accountability.

As set out in the King's Speech, the Government intends to publish a draft Audit Reform and Corporate Governance Bill, which will contain measures to tackle bad financial reporting through a strengthened regulator. The draft Bill will uphold standards and independent scrutiny of companies' accounts, supporting investment and economic security.