More than 60 MPs and peers from across the political spectrum have written to Sir Keir Starmer to urge the prime minister to stop the prevaricating over the long-awaited reform of the UK audit system.
The plans were drawn up years ago after a series of corporate failures including retailer BHS and outsourcing and construction company Carillion, leaving thousands jobless and suppliers in financial ruin.
The Labour government promised to prioritise the long-delayed legislation in last year's King's Speech, but it was pushed back from last spring to yet another widened consultation.
The centrepiece involves the replacement of the existing regulator, the Financial Reporting Council, with the more powerful Audit, Reporting and Governance Authority.
But the proposals have been bogged down by debate over a bid to reclassify the largest private companies as "public interest entities", which would force their audits into a tighter regulatory system.
A second issue that provoked a wave of lobbying and negotiations, and further delay, was an attempt to hold non-accountant directors responsible for financial reporting failures.
A third contentious measure -- to force the Big Four accounting groups to share audits of the largest companies with smaller audit groups -- has been dropped, two people with knowledge of the process said.
No legislation has been brought forward despite multiple independent reviews, a government white paper, and extensive public consultation in the seven years since Carillion's collapse. Since then more corporate failures have been linked to weaknesses in audit and governance, including Patisserie Valerie, Bulb, Thomas Cook and Wilko.
The 66 politicians from eight political parties wrote in the strongly worded letter to Starmer that it was time to end the "indecision and sluggish progress".
The letter co-ordinated by the Chartered Institute of Internal Auditors, which represents about 10,000 audit professionals, said its signatories were "very disappointed" that the bill had once again stalled. It was needed to restore confidence in UK markets and support long-term economic growth.
"Investors, the public, and other stakeholders must be able to rely on accurate, transparent reporting from our largest companies, covering both financial performance and other business-critical matters," it said.
"We also need an audit regulator with real authority, one that can hold company directors and audit firms to account when failures occur," the MPs said. "Without this, the system remains exposed and vulnerable, as the regulator lacks the legal powers it needs to do its job effectively."
The letter attracted a wide range of signatories from Sir Geoffrey Clifton-Brown, Tory chair of the Public Accounts Committee, to Diane Abbott, the prominent leftwing Labour MP and Daisy Cooper, the Liberal Democrat deputy leader. It is also signed by Baroness Margaret Hodge, former Labour chair of the PAC.
Justin Madders, who was sacked as business minister in the reshuffle, last week sent a separate letter to Liam Byrne, chair of the Business and Trade select committee over concerns about the delay. The letter, seen by the Financial Times, said further details would be set out "in a consultation document to be published in the autumn", implying legislation would take even longer to be introduced.
A government spokesperson said it recognised how much audit reform mattered to businesses and was determined for reforms to support long-term investment, noting it had already introduced 46 bills to parliament as part of the new government's ambitious agenda.
"We'll continue to work with businesses to develop proposals that boost growth in line with our Plan for Change and take them forward when parliamentary time allows."