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Following the collapse of major corporations like VHS, Carillion, and Thomas Cook, public trust in audit and corporate governance has been shaken. The government undertook reviews including the Kingman review, CMA market study, and Brydon review, leading to a consultation on restoring trust. The consultation provided 150 recommendations to address issues like limited regulatory powers in holding directors accountable. The main goal is to prevent sudden collapses and restore confidence in the audit and corporate governance sphere.