Competitions and Markets Authority publishes recommendations for the audit market
Released 18 April 2019
The Competitions and Markets Authority (CMA) has this week released its report on the future of the audit market in the UK.
The report recommends mandatory ‘joint audits’ between so called ‘Big Four’ audit firms and ‘challenger’ firms to drive up quality, as well as a structural split between the ‘Big Four’ audit and consultancy arms, on an operational level.
The authority also recommends that the regulator will now hold audit committees more ‘rigorously’ to account, and will request a five-year review from the regulatory after five years from full implementation of the proposals.
The full report is available from the CMA website.