The Competition Commission (CC) has announced plans to delay the release of the final framework for audit reform in the UK in light of the EU's release of its final pan-European audit reform directive in March.

As a result of the EU reform process, the Competition Commission has confirmed that it will informally consult on the implications of the EU proposals, presumably as soon as the EU releases the final framework by mid-March latest.

The next step will be to redraft the orders in light of the finalised EU audit reforms - this has been scheduled for completion by end June 2014.

Despite the two-year investigation conducted by the CC, there will be further consultation with key parties and a 30-day formal public consultation on text of draft orders. The plan is to complete this process by the end of September 2014.

Assuming that the consultations do not raise further issues, the Competition Commission expects to publish the final reform details by the end of Q3 2014, and still plans to implement the new rules by the end of 2014.

However, the CC confirmed that 'as a result of the formal consultation, we may decide that further consultation is desirable on specific elements of the orders. If so, it may be necessary to publish a revision to this timetable'.

For details of the proposed audit reform, click HERE

For the new timetable, click HERE