THE COMPETITION COMMISSION has revised its timetable on audit reform proposals and is due to publish its provisional decision on remedies for the market as early as July.
The Commission has brought forward all elements of the timetable by about a month. It released a summary of its provisional findings in February this year, with a final due in October. However, the revised timetable will see that final report published in September.
Among the series of suggested changes to inject greater competition in the audit market announced in February were: mandatory tendering and rotation; improved engagement by shareholders; and a greater role for the audit committee.
The revised timetable now states the commission will publish provisional decisions on remedies for the audit market in July, a final deadline for all parties’ responses and submissions will be in August, a final report is due to be published in September and the statutory deadline now stands as 20 October.
To see a copy of the revised timetable click here.
The Financial Reporting Council has launched an investigation into the conduct of the Big Four firm in relation to its audit of BHS
The FRC says it best when it says nothing at all
Audit competition will drive many changes, but increased audit quality is extremely questionable
BDO says £10bn worth of audit and non-audit services could swap hands between accountancy firms in the next ten years