The Competition Commission (CC) has published the timetable for introducing its remedies for improving competition in the market for statutory audit services, which were announced earlier this month and include mandatory audit tendering every ten years and five yearly reviews of every audit engagement by the Financial Reporting Council (FRC).

The CC plans to have the necessary orders drafted by the end of the year, and will have informal consultation with key parties during November and December. The draft orders will then be published in January 2014, followed by a 30-day formal public consultation.

The watchdog expects to formalise the orders in February and March, and the new requirements will come into force with effect from 1 October 2014.

The CC notes that: 'As a result of the formal consultation we may decide that further consultation is desirable on specific elements of the order. If so it may be necessary to publish a revision to this timetable.'

The CC's remedies specify that FTSE 350 companies must put their statutory audit contracts out to tender at least every ten years. The FRC's Audit Quality Review (AQR) team has been given new responsibilities to review every audit engagement in the FTSE 350 on average every five years, with the audit committee reporting the findings to shareholders during the relevant reporting period. The CC has also introduced a prohibition on 'Big Four-only' clauses in loan agreements, and introduced a number of requirements designed to strengthen the accountability of the external auditor to the audit committee and reduce the influence of management.