Friday 10 January 2014

UK: Competition Commission statutory audit services market inquiry - remedies addressed to the FRC - response from the FRC

The Financial Reporting Council has published the letter it has sent to the Competition Commission in respect of the remedies addressed to it as part of the Commission's statutory audit services market inquiry: see here (pdf). The letter sets out the FRC's response and states, amongst things, that a consultation will take place later this year with regard to changes proposed to the UK Corporate Governance Code. In respect of its proposed remedies, the Competition Commission is expected to publish a draft Order this month.

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