In this month’s round-up of audit news, the Competition and Markets Authority releases its initial findings into the lack of competition in the listed audit market with the Big Four under fire, while the Kingman review questions to competency of the audit regulator, while Patisserie Valerie drops Grant Thornton in auditor switch to RSM
A five-week consultation has been launched on the Competition and Markets Authority’s (CMA) proposals to address the lack of competition in the audit market with reforms including the introduction of joint audits for listed companies, with at least one firm being non-Big Four, and closer scrutiny of auditor appointments.
The CMA has published an update paper outlining ‘serious competition concerns’ with the UK audit market and has put out to public consultation proposed changes to legislation to improve the audit sector.
The deadline for comments on the CMA’s update paper is 21 January 2019.
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