THE HOUSE of Lords Economic Affairs Committee will publish the government’s response to its report Auditors: Market concentration and their role on Thursday.
A spokeswoman said the response from the Department of Business, Innovation and Skills will be posted on the committee’s webpage on Thursday, accompanied by a statement from chairman Lord MacGregor (pictured).
The report came out in late March and was highly critical of concentration in the audit market, accusing industry members of a “dereliction of duty” and a level of complacency that meant audit “standards are slipping”.
They called on the Office of Fair Trading to investigate, and the watchdog is currently considering its next move.
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