UK Competition Commission Audit Services Market Investigation Preliminary Findings – an NAPF Response March 2013
We welcome the provisional findings of the UK Competition Commission’s (UKCC’s) inquiry into the statutory audit services market along with the Commission’s proposed remedies. This analysis of the market comes at an important time in deliberations on proposed reforms to the EU Audit Market and we hope will give the process in Europe renewed impetus and direction.
We support measures to strengthen independence and improve competition in the audit market and believe it is vital to continue to strengthen the role of the audit committee and its relationship with and oversight of the auditor - this has the potential to significantly enhance audit quality and related financial reporting. We agree that no one solution will achieve this market correction, but rather what is needed is the combination of a package of measures.