EU will answer to Lords on audit market future

THE HOUSE OF LORDS will question the EU commissioner in charge of audit tomorrow, in a one-off session.

Director general of internal market and services at the EU Commission Jonathan Faull, will face a grilling from the House of Lords Economic Affairs Committee tomorrow afternoon.

The committee is expected to ask Faull to explain the commission’s proposals on regulation in the audit market.

Questions which are likely to crop up include whether other firms can gain market share from the Big Four; why the proposals fail to address whether or not IFRS should be used in bank audits; and the impact on the audit market if the Big Four acquire mid-tier firms.

The Economic Affairs Committee consists of former chancellor of the exchequer, chief secretary to the Treasury, a FTSE 250 CEO, professor of economics, the chairman of Ofcom, deputy chair of the Competition Commission and economics editor of a national newspaper.

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