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.
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.
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.