New UK business minister urged to move fast on audit reform

LONDON (Reuters) - Britain's new business minister Alok Sharma was urged on Friday to come forward as soon as possible with a draft law to create a more powerful accounting watchdog.Britain's government ordered three reviews of auditing after a string of corporate failures, including builder Carillion and retailer BHS, raised questions about the quality of auditing.Legislation is needed to implement some recommendations and Rachel Reeves, chair-elect of parliament's business committee, said the..