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Governance in brief — Government consults on the CMA's proposals for statutory audit services

Published on: 01 Aug 2019

This 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

We would encourage all companies, investors and stakeholders to feed into this process. Truly sustainable, workable and proportionate reforms require the voice of all interested parties to contribute to this debate. Responses to the consultation are requested by Friday 13th September.

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