ARTICLE
31 January 2019

BEIS Announces Independent Review Of UK Audit Standards

SS
Shearman & Sterling LLP

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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
United Kingdom Accounting and Audit

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.
  • Public expectations from audit.

The BEIS announcement can be accessed here.

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