Monday 12 August 2013

UK: FRC responds to Competition Commission's provisional decision regarding remedies for the statutory audit market

The Financial Reporting Council has today published its response to the Competition Commission’s provisional decision on remedies for the statutory audit market: see here (pdf). The FRC explains, amongst other things, why it is opposed to requiring the audit to be put out to tender every five years (the UK Corporate Governance Code, which operates on the basis of comply or explain, provides that FTSE 350 companies should put the external audit contract out to tender at least every ten years).

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