UK auditors could be in line for further upheaval after a government review of the sector — the third in 12 months — proposed a new set of radical changes.

The keenly awaited 138-page review, led by former London Stock Exchange chair Sir Donald Brydon, was commissioned by the UK government earlier this year to examine the scope and purpose of the audit process. It is likely to lead to further government reforms, business secretary Andrea Leadsom said.