As calls for a radical overhaul of the audit market heat up, Mark Kennedy, managing partner, Mazars Ireland, considers whether proposals to introduce joint audits would work in the UK
The Competition and Markets Authority (CMA) and Department for Business, Energy and Industrial Strategy (BEIS) have both indicated that joint audit is a key element in the solution to the ongoing challenges facing the audit profession. This is not a new suggestion. Joint audit is a system that has prevailed in other countries, notably France, for many years. It has also been favourably supported by the EU as part of its efforts to promote reform of the audit sector.
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