THE FUTURE of public audit is being debated in Westminster today, as Grant Shapps, minister for housing and local government, faces questions about competition and accountability in the market.
Communities secretary Eric Pickles announced the disbanding of the Audit Commission last summer, and debate about its future continues.
Audit Commission members are pushing for the agency to become an independent mutual, and the House of Lords report into audit last week said this would help reduce the dominance of the Big Four.
Shapps will give evidence to the Communities and Local Government Committee this afternoon, alongside Amyas Morse, comptroller and audit general of the National Audit Office.
If it were a private company, the Audit Commission would be the fifth largest in the UK, but experts have questioned whether it can re-emerge as a serious competitor in a highly concentrated industry.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned