It will seek feedback on the redrafted rules for UK audit reform taking into account the wider EU audit reform proposals.

The original plan was to introduce new UK rules at the latest by this autumn but the publication of the new EU audit reform framework in February meant that the UK competition regulator had to review its enforcement timetable and re-consult on certain aspects of the reforms.

As a result, the CMA ran a short informal consultation with key stakeholders this spring to iron out any discrepancies between the UK proposals and wider EU reforms.

‘On audit, the informal consultation period has now ended. We don't publish responses to informal consultation but the plan is to go out to formal consultation within the course of the next week or two,’ a CMA spokesperson told Accountancy.

The final consultation ‘will be for a period of 30 days and whilst we don't have a more specific date for publication of the eventual order, we remain on track as per [the] timetable’.

The plan is to finalise and issue the new rules before the end of Q3 2014, with a view to meting a commencement date of Q4 2014.

The key recommendations include statutory audit tender every ten years for FTSE 350 companies, a five-yearly review of FTSE 350 auditors by the Financial Reporting Council audit quality review team, provisions to outlaw restrictive banking covenants and more powers for audit committees.