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In its response to the BEIS consultation on the CMA’s statutory audit market study, Mazars highlighted the importance of reducing current excessive levels of concentration in the market, increasing resilience, and focusing on stakeholders’ needs.
Mazars remains steadfast in its support of the CMA’s recommendations as a comprehensive package of measures and agrees that the changes, as proposed, will create a genuinely competitive audit market that addresses stakeholders’ needs. Previous attempts at reform have not brought about the necessary change, and the CMA’s rigorous, independent process has delivered a bold, meaningful and practicable path to reform. The firm strongly encourages BEIS to grasp this opportunity to implement the CMA’s recommendations in their entirety.
There is consensus that now is the time for change, and we look forward to working with our peers to deliver an audit market that works in the interests of society as a whole.
Phil Verity, Mazars UK Senior Partner, said: “We believe that substantial reform to the audit market is critical to the sustainable success of our largest companies and the wider economy. The CMA’s review represents the clearest opportunity in decades for real change, and collectively we must maintain momentum and pursue brave solutions. We are confident that implementation of the reforms as proposed by the CMA will create vastly improved market conditions for challenger firms, and in that case Mazars is committed to a programme of ambitious and sustained investment.
“We are pleased to share the detail of our response, and we welcome discussion on proposed solutions and implementation”.
Support for implementation of CMA recommendations as a cohesive package
Strongly support Joint audit for FTSE350 companies as proposed by the CMA
Joint audit will enhance market resilience and provide challenger firms with incentive to invest
A strategic review needed of the future of audit regulation
ENDS
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