UK: Government statement on audit and auditor regulation

The Government published a written ministerial statement yesterday in respect of its recent consultation on audit and auditor regulation: see here or here (pdf). In the statement, the Government announced that it would require all public interest companies (e.g., listed companies) to put their audit out to tender at least every ten years and change their auditor at least every twenty years. Several other policy decisions were also explained, including making the Financial Reporting Council the UK competent authority for audit regulation under Directive 2014/56/EU (amending Directive 2006/43/EC). A further consultation paper, in which the Government will respond to the earlier consultation responses, is due later this year.