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CMA proposes shake up of UK audit market

News Team, 24/04/2019

The Competition Markets Authority (CMA) has recommended a shake-up of the UK audit market.

This includes new legislation to address both the vulnerability of the industry to the loss of one of the Big 4 and the current choice and competition.

In its newly published final report, the CMA recommended the following: the separation of audit from consulting services; mandatory ‘joint audit’ to enable firms outside the Big 4 to develop the capacity needed to review the UK’s biggest companies; and the introduction of statutory regulatory powers to increase accountability of companies’ audit committees.

These ...


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