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Government takes next step in improving standards of UK audit market with new independent review into audit standards | |
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2018-12-18 | |
发布年 | 2018 |
语种 | 英语 |
国家 | 英国 |
领域 | 气候变化 |
正文(英文) | Press release Government takes next step in improving standards of UK audit market with new independent review into audit standardsDonald Brydon, outgoing Chair of the London Stock Exchange Group, appointed to lead new independent review of the quality and effectiveness of the UK audit market.
The government will today (Tuesday 18 December) launch a new independent review into standards in the UK audit market, with the outgoing Chairman of the London Stock Exchange tasked with recommending what more can be done to ensure audits meet public, shareholder and investor expectations. The review will be led by Donald Brydon, chairman of the Sage Group, who has extensive experience within the finance and audit sector and will be supported by an advisory board which he will appoint. The Brydon Review into UK Audit Standards will build on the findings of two parallel reviews looking into: the independent review by Sir John Kingman of the industry’s scrutiny body – the Financial Reporting Council (FRC); and the Competition and Market Authority’s (CMA) market study looking at the effectiveness of competition in the audit market, both published today. The CMA paper identified serious competition concerns in the audit sector, as well as proposing changes to legislation to improve the audit sector for the benefit of companies and investors alike. It is now putting these proposals out for public consultation. Meanwhile Sir John Kingman’s independent review has recommended to government that the FRC be replaced with a new independent regulator with clear statutory powers and objectives. Business Secretary Greg Clark said:
This new review, building on the work of the FRC and CMA reviews, will now consider audits as a product and what the future, standards and requirements should be for audits in the future. To ensure the UK’s audit sector remains world leading by constantly looking to upgrade standards, the Brydon Review into UK Audit Standards will consider:
The new Review will also test the current model and ask whether it can be made more effective as well as looking at how audit should be developed to better serve the public interest in the future, taking account of changing business models and new technology. The review is part of the government’s modern Industrial Strategy - a long term plan to build a Britain fit for the future through a stronger, fairer economy. It comes as part of a wider package of corporate governance reforms recently introduced by the government. A detailed Terms of Reference and project plan will be published in the New Year.
Published 18 December 2018
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来源平台 | GOV.UK - Department for Business, Energy & Industrial Strategy |
文献类型 | 新闻 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/105456 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | admin. Government takes next step in improving standards of UK audit market with new independent review into audit standards. 2018. |
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