UK: choice in the audit market - FRC publishes third progress report

The Financial Reporting Council has published Choice in the Audit Market: Third Progress Report. The report provides an update on the FRC's implementation of the recommendations of the Market Participants Group (MPG) with regard to increasing choice in the audit market. The progress report notes:

The majority of the MPG’s recommendations have now been implemented and most of the outstanding recommendations, for example on a governance code for audit firms, will be implemented during the next six months. Further action at an international level is however required in order to implement Recommendation 13, 'Regulators should develop protocols for a more consistent response to audit firm issues based on their seriousness'. The FRC has initiated a discussion on oversight of the global audit networks with its counterparts in other major jurisdictions. The FRC will give an update on this in the next Progress Report, which is expected to be published in the autumn of 2009".