Senior partner at the firm, Chris Connor, said this would be the most ‘appropriate and equitable change’ ensuring that corporate governance is improved and competition in the market for auditors increased.
In a letter to the FT Connor also backed reforms based on liability being capped at a suitable multiple of the audit fee.
He said setting the liability cap at an absolute level, say £100m, would assist only a few firms and could therefore be anti-competitive in practice.
UK senior partner Phil Verity has been elected for a second term at Mazars
An audit partner has been appointed at Grant Thornton in its North West offices
KPMG has been appointed with “immediate” effect as the auditor of Dorcaster
The audit for Ibstock will be taken over by Deloitte following a competitive tender process