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Government consults on the CMA’s proposals for statutory audit services

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22 Jul 2019

The Department for Business, Energy & Industrial Strategy (BEIS) has issued a consultation seeking views recommendations made by the Competition and Markets Authority (CMA) to improve competition and resilience in the statutory audit services market.

The consultation represents the latest in the Government’s programme to strengthen and improve quality and regulatory oversight of the audit market.

The consultation asks for stakeholder views on the CMA’s recommendations in the following areas:

  • enhanced regulatory oversight of audit committees
  • mandatory joint audits of FTSE 350 firms
  • peer reviews of audits conducted for firms not in scope of the joint audit proposals
  • mitigating the effects of the distress or a failure of a ‘Big Four’ firm
  • an operational split between audit and non-audit practices of ‘Big Four’ firms

Comments are requested by 13 September 2019.

A press release and the full consultation are available on the BEIS website.  Our related Governance in brief publication is available here.

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