The terms of reference for Sir Donald Brydon's review of the quality and effectiveness of the UK audit market were published yesterday: see here (pdf). The review is wide ranging and will include the needs and expectations of stakeholders, the scope of the audit and assurance. Perhaps surprisingly for a review described as being independent, the terms of reference note that one of the accountancy professional bodies - the ICAEW - has agreed to provide £500,000 towards the cost of the review. It is, however, stressed that all of the organisations supporting the review have recognised the unconditional nature of their contributions.Sir Donald recently gave evidence before the Parliamentary future of audit inquiry. A transcript of his evidence is available here. All of the evidence - whether oral or written - received by this inquiry can be found here.
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