The UK Department for Business and Trade has launched the Critical Imports and Supply Chains Strategy, safeguarding UK supplies of critical goods such as medicines, minerals, and semiconductors, a press release said.
“Cutting-edge research will be used to map the impacts of shocks on supply chains, such as those caused by the COVID pandemic and [the] war in Ukraine and understand how the UK can secure the goods we need in [the] future,” the release said, “helping UK companies build strong and resilient supply chains for vital goods and avoid dependence on protectionist or coercive states.”
The strategy will enable government to share vital information and guidance with businesses on the risks to key supply chains and the practical steps they can take to protect themselves from disruption, the release said.
“As part of the strategy, we will set up a new online portal to allow businesses to quickly report red tape or disruption affecting their critical imports,” the release said. “The government will then work to remove these barriers wherever possible, saving business time and money.”
FRC issues update to standard for auditors
The UK Financial Reporting Council (FRC) updated its ethical standard for auditors, a news release said. In response to feedback from last year’s consultation, the FRC has amended its proposals to ensure that the requirements in the standard are better targeted and proportionate.
According to the release, the update does three main things:
- Simplifies the existing ethical standard and provides additional clarity in a limited number of areas to respond to helpful feedback from auditors.
- Considers recent revisions made to the International Ethics Standards Board for Accountants’ (IESBA’s) International Code of Ethics for Professional Accountants. This aligns the UK with international standards and helps to ensure that high standards of independence and ethical behaviour are applied consistently by UK audit firms and their networks.
- Adds a new targeted restriction on fees from entities related by a single controlling party. This is in response to issues identified through the FRC’s audit inspection and enforcement cases.
“Alongside the revised … standard, the FRC has also released guidance for auditors on the application of the objective, reasonable, and informed third party test, which forms a key part of many requirements in the … standard,” the release said.
UK’s partnership with Japan focuses on cyber resilience
The UK and Japan signed a memorandum of cooperation to deepen public and private partnerships in cyber, a press release said. The agreement was signed during a three-day visit to the UK from Japan’s Keidanren Cyber Security Committee, hosted by the National Cyber Advisory Board.
The Japanese delegation met with key figures from the public sector alongside industry experts, the release said, to discuss securing digital supply chains, engaging businesses on cyber resilience, and best practice recruitment to increase cyber skills across both countries.
“This builds on the UK and Japan’s work together to strengthen our shared values of democracy, rule of law, and free and open trade,” the release said. “In May 2023 the UK and Japan signed the Hiroshima Accord committing to an enhanced global strategic partnership on issues such as global security, resilience, and climate change.”
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