We welcome Sir Donald Brydon’s independent review into the quality and effectiveness of audit. It is vital that the UK economy has efficient and effective capital markets and there is confidence in the corporate framework through greater transparency which works in the context of a global economy.
In assessing the remedies proposed by previous reviews, including those conducted by the Business Energy and Industrial Skills Select Committee, Sir John Kingman and the Competition and Markets Authority (CMA), ACCA reiterates our long-held belief that any proposals must focus primarily on increasing audit quality. This is fundamental to investor and public confidence and the longevity of reform. It is also important to guard against unintended consequence. Adverse changes have the potential to impact on the attractiveness of the UK for business.
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