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.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester