UK Competition Commission Audit Services Market Investigation Provisional Decision On Remedies
We support measures to strengthen independence and improve competition in the audit market in order to improve and safeguard audit quality.
To achieve this we believe it is vital to continue to strengthen the role of the audit committee and its relationship with and oversight of the auditor and the accountability of both to shareholders.
While we believe there is no silver bullet solution to achieving the change needed we continue to believe that a legislative back stop to require auditor rotation is needed.