Hayward on audit reform

The competition regulator's perceptive analysis of the audit market is let down by simplistic remedies, says Jonathan Hayward

Towards the end of February, the Competition Commission published the provisional findings of its 18-month enquiry into the market for statutory audit of FTSE 350 companies, together with its 'Notice of possible remedies under Rule 11'. The two documents combined come in at 310 pages, plus 30 appendices of a length best not contemplated. No-one could accuse the Commission of not being thorough.

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