The post-war Companies Acts established a statutory framework for audits and financial reporting in the UK. They aimed to protect investors and strengthen corporate accountability.
Auditors were given clear responsibilities to provide independent assessments, and directors were required to maintain proper records and disclosures. These reforms professionalised the auditing profession.
Over time, amendments strengthened reporting requirements and aligned UK practice with international standards. The legislation helped restore trust in corporate reporting and promoted transparency.
These reforms remain central to UK accounting law and have influenced European directives, shaping the profession for decades.
