More NewsFRC Publishes Further Paper on Choice in the Audit Market

FRC Publishes Further Paper on Choice in the Audit Market

The Financial Reporting Council, the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, has published a discussion paper on the possible effects of changes to audit firm ownership rules, plus a consultation on the use of audit firms from more than one network. The discussion paper and consultation form part of the FRC’s progress report on the recommendations of the Market Participants’ Group (MPG) on actions to enhance the efficiency of the market for audit services to large companies in the UK. The discussion paper considers a number of issues in relation to audit ownership, including: ease of entry and the potential for mid-sized firms to gain market share; the potential impact of the introduction of outside capital to audit firms on audit quality; the impact of the introduction of outside capital on the supply of auditors with appropriate skills and personal qualities; and possible decline in audit quality arising from conflicts of interest associated with a firm’s ownership. Responses to both the discussion paper and the consultation are sought by 1 August 2008.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha