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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.

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