A Labour government was elected in the UK in July 2024 and the first King’s Speech under the new regime featured prominent reference to the intended creation of Audit, Reporting and Governance Council or ARGA. With the re-prioritisation of audit reform, this paper examines the various dynamics at play in the UK audit market, the proposals that have been forwarded to restore confidence in audit, and the likely next steps. While the focus is on the UK market, many of the issues discussed may have global resonance.