UK: Competition Commission seeks views on additional possible remedy as part of statutory audit market inquiry

The Competition Commission, as part of its inquiry into the market for statutory audit services, has published an additional remedy about which it seeks views and evidence by 19 June: giving the Financial Reporting Council a secondary duty to promote competition between firms providing audits to FTSE 350 companies. For further information see here (pdf).The Commission is particularly interested to know if giving the FRC a secondary duty to promote competition between audit firms will assist companies in comparing auditors; and whether giving the FRC a secondary duty to promote competition between audit firms will assist shareholders to influence the auditor appointment decisions of companies in which they hold shares.