PracticeAuditLords to publish government response to auditors report

Lords to publish government response to auditors report

The Lords Economic Affairs committee will publish government's response to its audit inquiry on Thursday

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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