On the latest ICAEW Insights podcast, we consider the future of audit – and the impact of the government’s proposed reforms on professionals in the sector. It has now been five years since Carillion was liquidated, leaving behind debts of £7bn and the taxpayer a bill for £150m. The collapse of the construction services giant increased scrutiny on audit and corporate reporting, raising questions over whether present frameworks are fit for purpose. After commissioning several reviews, the government finally announced its plan for the sector in 2022, seeking to curb the market dominance of the Big Four and create a new regulatory body with enhanced powers. But will the measures achieve their goals? And how should audit professionals think about their role in this new context? To consider those questions and more, host Philippa Lamb is joined by Sir Andrew Likierman, former Dean and now Professor of Management Practice in Accounting at the London Business School; sector expert Andrew Ratcliffe; Mark Babington, Executive Director of Regulatory Standards at the Financial Reporting Council; and ICAEW Managing Director, Reputation and Influence, Iain Wright. Links ICAEW audit and assurance hubICAEW audit and corporate governance reform hubGovernment reforms announcement (31 May 2022)Host Philippa Lamb Guests Sir Andrew Likierman, former Dean and Professor of Management Practice, London Business SchoolAndrew Ratcliffe, Non-Executive Director, Barclays Bank UK Mark Babington, Executive Director of Regulatory Standards, Financial Reporting CouncilIain Wright, Managing Director, Reputation and Influence, ICAEWProducer Natalie Chisholm  Episode first published: 16 February 2023 Podcast recorded: 13 February 2023