FTSE 350 urged by CIMA chief to speak out on audit
Debate on choice in the audit market should be widened
The Chartered Institute of Management Accountants has encouraged FTSE 350
companies to get in on the debate on choice in the audit market.
The message, from the institute’s chief executive Charles Tilly, comes on the
back of a series of discussions on choice, prompted by a discussion paper
published by the Financial Reporting Council.
This followed growing concern that 93% of listed companies choose to use an
audit service provided by one of the Big Four.
The FRC received submissions on the topic, ranging from measures to encourage
measures to prevent the decline of another Big Four, to joint audits which would
give mid-tier companies more significant access to the market.
‘It is crucial that the FTSE 350 companies take an active role in the debate,
possibly through the FRC’s proposed market participants group,’ Tilly said.