ACCA statement - BEIS announces further audit public consultation

Following the Business, Energy and Industrial Skills ministry’s announcement it will publically consult on proposed changes to the audit sector, Maggie McGhee, ACCA executive director – governance, said:

‘ACCA welcomes the opportunity for further scrutiny on the proposed changes to the audit sector, in order to give an informed and balanced understanding of their viability.

‘Following publication of the Competition and Markets Authority’s report, ACCA expressed significant concerns on the recommendations and therefore welcome the further consultation announced.

‘We questioned whether the simultaneous introduction of wide-ranging proposals could improve audit quality – in particular, far-reaching regulation over audit committee activity, joint audits and for the separation of audit and non-audit activity within firms. ACCA believes there is insufficient evidence to support these proposals and there is some evidence to suggest that these could be damaging to audit quality.

‘Our recently published research into the expectation gap in audit suggests high levels of misconception, and that the public are telling us they see audit is part of the solution, a robust sector exercising the right levels of professional scepticism. The government needs to ensure reforms undertaken will support both audit quality and market competitiveness.'


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Notes to Editors

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