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. 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.

CMA audit reform recommendations: our view

Joint audit header 1600x500.jpg
The UK Competition and Markets Authority (CMA) delivered its final recommendations for reform of the UK's audit market on 18 April 2019

Read more

Joint Audit in the UK

Joint audit header 1600x500.jpg
Our goal is to help create a vibrant, innovative audit market which meets the needs of shareholders, broader stakeholders, and wider society. To do this, we must kick-start the creation of a competitive market which encourages new players to take on the audits of large Public Interest Entity (PIE) companies.

Read more

CMA Market Review 2018

CMA  header 1600x500.jpg
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.

Read more

Want to know more?

Related Pages

Joint audit header 1600x500.jpg

CMA audit reform recommendations: our view

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

Audit Assurance alternative header.jpg

Audit & Assurance

Increased pressure on the need for reliable financial information has put the spotlight on audit and assurance services.