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BIS publishes supplementary information to support its Discussion Paper on audit reform

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11 Mar 2015

The Department for Business, Innovation and Skills (BIS) has published a supplementary document to support its Discussion Paper on the UK implementation of the EU Audit Directive and Audit Regulation published in December 2014.

The supplementary information mostly concerns the framework for auditor tendering and rotation in the Audit Regulation which form part of the December consultation.  It provides answers to questions raised following the launch of the Discussion Paper and has been prepared in collaboration with the Competition and Markets Authority (CMA) (which published its final Order to increase competition within the provision of statutory audit services to FTSE 350 companies in the UK in September 2014) and the Financial Reporting Council (FRC).  The supplementary information indicates that BIS, the CMA and the FRC have agreed “that, in so far as possible, the CMA Order and the requirements of the Regulation should be applied consistently with one another”.

The supplementary information is intended:

to assist those preparing responses to the discussion document to do so on an informed basis; and,

to assist those preparing for application of the requirements of the new Audit Regulation as from the application date on 17 June 2016.

Decisions as to the legislative provision to be made for the application of the Regulation will be taken in the light of responses to the discussion document.

The closing date for responses to the December Discussion Paper is 19 March 2015.  The government has indicated that there will be a formal consultation on draft regulations in the summer of 2015.

*The supplementary information was further updated on 12 March 2015*

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