Audit Reform

There is widespread consensus that the audit sector is not reaching its potential, and that previous attempts at reform have been ineffective. The impact of high quality audit goes far beyond the boardroom.

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As CMA Chairman Andrew Tyrie explains: “Most people will never read an auditor’s opinion on a company’s accounts. But tens of millions of people depend on robust and high-quality audits. If a company’s books aren’t properly examined, people’s jobs, pensions or savings can be at risk”.

Trust in the quality of audit underpins confidence in UK  business, the money invested in listed firms by private and institutional investors, and the livelihoods of the people who work for and with the audited companies.

Creating an audit profession that meets the needs of society

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The UK is living through an unprecedented downturn in economic activity as a result of Covid-19, combined with enormous change and uncertainty and the impact of leaving the European Union. Auditing plays a vital role in establishing trust in the economy and wider society. Its importance is never greater than in times, like the present, when the risk of businesses failing and of fraud are at their highest.

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Our vision for the future of audit

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Building an industry that is fit for the future, one that is attractive to talented young people and is able to address the needs of clients and society, is of paramount importance.

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Time to make corporate reporting fit for purpose

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The FRC’s relatively unheralded discussion paper on business reporting on Intangibles, in respect of which the consultation period has recently ended, raises far-reaching but little discussed issues not only on the future of corporate reporting but also for Sir Donald Brydon’s review on the future of audit.

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CMA audit reform recommendations: our view

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The UK Competition and Markets Authority (CMA) delivered its final recommendations for reform of the UK's audit market on 18 April 2019

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CMA Market Review

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The Competition and Markets Authority (CMA) has conducted a market review into the state of audit in the UK. As part of this process, it consulted accounting firms, academics, companies and regulators to understand the issues in the sector and to identify opportunities for reform.

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