Governance in brief — The Competition & Markets Authority’s final Order on mandatory tendering and audit committee responsibilities for FTSE 350 companies

Published on: 30 Sep, 2014

This publication from Deloitte discusses the Competition & Markets Authority (CMA) final Order on mandatory tendering and audit committee responsibilities for FTSE 350 companies. This Order comes into force on 1 January 2015, although there are transitional provisions in relation to mandatory audit tendering.

The key impacts of the Order are:

  • Mandatory audit tendering every ten years for FTSE 350 companies, in line with the EU Regulation on the statutory audit of public interest entities;
  • Transitional arrangements for tendering confirmed, also in line with those in the EU Regulation; and
  • Increased responsibilities for the audit committee in relation to supervision of the external audit relationship. These largely put existing best practice on a statutory basis, but will see audit committees more engaged in the detail.

Download

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.