Lords to publish government response to auditors report

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.

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