UK: Government announces audit market review (the Brydon Review)

The Government today announced that Donald Brydon, currently the chairman of the London Stock Exchange Group, will lead a review of the quality and effectiveness of the UK audit market: see here. Whilst the review's detailed terms of reference have not been published, the Government's announcement explains that the review has been "tasked with recommending what more can be done to ensure audits meet public, shareholder and investor expectations" and that it will "build on the findings of two parallel reviews ... the independent review by Sir John Kingman of the industry’s scrutiny body – the Financial Reporting Council (FRC); and the Competition and Market Authority’s (CMA) market study looking at the effectiveness of competition in the audit market, both published today".