Two mid-tier audit firms have submitted a joint application for a seat on the
Financial Reporting Council’s Market Participants Group.
Grant Thornton and BDO Stoy Hayward proposed that the two share a seat on the
MPG, a new forum set to prioritise suggestions made during the FRC’s recent
consultation on choice in the audit market.
Both firms are part of international organisations, BDO International and
Grant Thornton International, which have strongly supported the aims of
increasing global audit and financial reporting quality.
The proposal, if accepted, will see Michael Cleary, managing partner of Grant
Thornton share the seat with his BDO Stoy Hayward counterpart, Jeremy Newman.
Between the two, they will agree on an ongoing basis who will attend each
meeting.
Grant Thornton is the leading firm auditing AIM-listed companies.
BDO Stoy Hayward has the largest number of FTSE 250 audit clients outside the
Big Four.