Following its review of the statutory audit market, the Competition and Markets Authority (CMA) published its final report on 18 April 2019. This consultation seeks views on the CMA’s recommendations to improve audit quality, competition and resilience in the statutory audit services market.
ACCA welcomes this initial consultation considering the recommendations from the Competition and Markets Authority. We agree with the consultation document that there are no “easy solutions” and that the proposals are “wide-ranging and ambitious”.
In our response to the CMA’s December 2018 update paper, ACCA highlighted the risks to audit quality of the CMA’s proposed remedies to increase choice in the audit market. We are therefore disappointed that many of these remedies have been carried forward unchanged in the CMA’s final report.
To read in full, please download the consultation response.