The Financial Reporting Council has published its response to the report and preliminary findings published by the Competition Commission in respect of its statutory audit services inquiry: see here (pdf). Amongst other things, the FRC expresses concerns with some of the possible remedies including mandatory tendering and mandatory audit firm rotation.
Wednesday 20 March 2013
UK: FRC responds to Competition Commission report and possible remedies regarding the market for statutory audit services
The Financial Reporting Council has published its response to the report and preliminary findings published by the Competition Commission in respect of its statutory audit services inquiry: see here (pdf). Amongst other things, the FRC expresses concerns with some of the possible remedies including mandatory tendering and mandatory audit firm rotation.
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