Deloitte first off the block after government audit response

DELOITTE were the first stakeholders to air their views after the government published its response to the House of Lords audit inquiry.

The Big Four firm didn't have a great deal to say, highlighting the fact that it is maintaining efforts to "contribute positively to the various reviews that are in progress to promote further audit quality".

It responded to concerns over the loss of one of the top four firms, saying contingency planning was "key".

Grant Thornton's reply was similarly minimalist, saying the most important outcome of the Lord's report remains the Office of Fair Trading investigation.

Head of external professional affairs Steve Maslin said it is key that efforts at monitoring the relationship between bank auditors and regulators are continuing, and a swing back towards good levels of dialogue has already begun.

Watch this space for more reacitons to the government's "disappointing" response.