Recent company collapses such as Carillion, BHS and Patisserie Valerie, have emphasised substantial failings in accounting and auditing, with the role of the audit regulator, the Financial Reporting Council (FRC), also being called into question.

Three major reviews – Sir John Kingman’s independent review of the FRC; the Business, Energy and Industrial Strategy (BEIS) committee’s Future of Audit report; and the Competition and Markets Authority (CMA)’s statutory audit services market study – have highlighted the need for a major overhaul of the sector.

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