The consultation, which runs until 19 March 2015, seeks views on a range of reforms to improve confidence and strengthen the audit regime.

The supplementary document, published on 6 March 2015, supports the original consultation document issued in December and contains information concerning the framework for auditor tendering and rotation in the Audit Regulation. It provides answers to questions raised following the launch of the consultation document.

Decisions about the legislative provision to be made for the application of the Regulation will be taken in the light of responses to the discussion document, which includes the framework for a penalty system.