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Governance in brief: Final report from the Competition Commission reinforces role of the audit committee

Published on: 16 Oct 2013

This publication from Deloitte discusses the Competition Commission's final package of remedies to increase competition within the provision of statutory audit services to FTSE 350 companies in the UK.  The Competition Commission remedy package includes:

  • The reinforcement of Audit committee responsibility for audit matters.
  • A new advisory vote on the audit committee report which puts the role of the Audit Committee Chair in the spotlight.
  • Sole responsibility on Audit committees for the scope of audit and fees.
  • A requirement that FTSE 350 companies put their statutory audit engagement out to tender at least every ten years (a change from the original proposal of five years).
  • Enhanced audit quality disclosures.

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