BEIS Committee begins future of audit inquiry

The Business, Energy and Industrial Strategy (BEIS) Committee is to hold the opening evidence session of its inquiry into the future of audit

The focus of the Committee’s inquiry is on the likely impact of the CMA market study and the review of the FRC (by Sir John Kingman) in improving quality and competition in the audit market and reducing conflicts of interest. The first evidence session will include witness panels featuring academic experts and investors.

The Committee’s inquiry follows up on the Committee’s work on Carillion and BHS, which identified flaws in the auditing of those companies and its subsequent interest in other auditing failures, such as Patisserie Valerie. In addition to looking at the recent Kingman and CMA proposals, the Committee will also look at the recently announced review into the quality and effectiveness of the UK audit market being led by Sir Donald Brydon.

In future weeks the BEIS Committee’s audit inquiry will hear from witnesses from the Big Four and ‘challenger’ accountancy firms, Audit Committee chairs, CFOs, as well as representatives from the FRC & the ICAEW, and Sir John Kingman.

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