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On 18 December 2018, BEIS announced an independent review into the quality and effectiveness of the U.K. audit market, which will build on the CMA's market study and the findings of the Kingman review
On 18 December 2018, BEIS announced an independent review into
the quality and effectiveness of the U.K. audit market, which will
build on the CMA's market study and the findings of the Kingman
review.
Although detailed terms of reference and a project plan are
expected in 2019, it is anticipated that the review will
consider:
How the current model can be made
more efficient, taking into account changing business models and
new technology.
How far audit can and should evolve
to meet the needs of investors and other stakeholders.
How to manage any residual gap
between what an audit can and should deliver.
How auditors verify the efficacy of
the information they are signing off.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
