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April 24, 2013

CC revises audit market investigation timetable

The UK Competition Commission has brought forward its statutory audit market investigation dates, with the provisional decision on remedies expected as early as July.

The CC said the final report will be published in September, with the provisional decision on remedies issued in July.

In February the CC said in its provisional findings report that it is considering remedies such as mandatory tendering and rotation, increased transparency with more frequent audit reviews and extended reporting requirements, and the strengthening accountability and independence by giving audit committees and shareholders greater control of external auditors.

The CC also said the UK audit market is restricted by factors which inhibit companies from switching auditors, and by the tendency of auditors to focus on satisfying management rather than shareholder needs.

All stakeholders were able to submit their views on the provisional report and the CC is currently holding response hearings.

Related link
CC revised timetable

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CC provisional findings responses see Big Four and mid-tier split
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