The capital markets can not afford to grow complacent about the possibility
of losing one of the for large audit firms, top regulator Paul Boyle has warned.
In a column in the FT, the Financial Reporting Council boss, reacted
to findings from a US report into the audit market, which concluded that there
was no urgent need for action, by saying that such conclusions were ‘falsely
‘We believe that it is unwise to dismiss the need for action… The mechanisms
for organising the sale or administration of an insolvent audit firm are
uncertain and untried. There is a need to improve the resilience of the market
rather than relying on regulators to ride to the rescue,’ Boyle said.
The FRC head pointed to the action that the UK profession had taken to reduce
the risk of losing a big audit player. He said there was no ‘silver bullet’
solution to the problem but said the 15 recommendations the industry had put
forward to increase choice in the market would help to address the problem.
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