The UK Competition Commission publishes its final report on its investigation into the statutory audit services market

In brief The UK Competition Commission (CC) has published its Final Report on its investigation into the statutory audit services market. It confirmed its provisional findings that competition in the sector is not functioning well and identified the remedies it will impose, some of them watered down from its original proposals. Remedies will include: a requirement for FTSE 350 companies to put their statutory audit engagement out to tender at least every ten years, although if it is deferred beyond five years, an explanation of when the tender is planned must appear in the annual accounts a prohibition of ‘Big-4-only’ clauses in loan agreements, and measures to increase shareholder engagement in the audit process

Access to this article is restricted to subscribers

Already Subscribed? Sign-in

Access to this article is restricted to subscribers.

Read one article for free

Sign-up to read this article for free and discover our services.

 

PDF Version

Author

  • Simmons & Simmons (London)

Quotation

Peter Broadhurst, The UK Competition Commission publishes its final report on its investigation into the statutory audit services market, 15 October 2013, e-Competitions Bulletin October 2013, Art. N° 77268

Visites 66

All issues

  • Latest News issue 
  • All News issues
  • Latest Special issue 
  • All Special issues