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The UK Competition Authority issues a market study in which it proposes reforms to improve competition in the audit sector

CMA proposes reforms to improve competition in audit sector* Improvements to the independence and the quality of audits are the focus of the CMA’s market study update. The Competition and Markets Authority (CMA) has published an update paper outlining serious competition concerns and proposing changes to legislation to improve the audit sector for the benefit of savers and investors alike. It is now putting these proposals out for public consultation. Following the launch of its market study in October, the CMA has identified a number of reasons why it believes audit quality is falling short: companies choose their own auditors, and as a result we have seen too much evidence of them picking those with whom they have the best ‘cultural fit’ or ‘chemistry’ rather

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UK Competition Authority, The UK Competition Authority issues a market study in which it proposes reforms to improve competition in the audit sector, 18 December 2018, e-Competitions Bulletin February 2019, Art. N° 89066

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