A report into what went wrong at collapsed construction giant Carillion reads like a masterclass in failed governance, assurance, and regulatory oversight.

In the final report of its inquiry into the company’s spectacular collapse, the U.K. Parliament’s Work and Pensions, and Business, Energy and Industrial Strategy (BEIS) Committees revealed a catalogue of errors that could—and should—have been avoided.

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...