UK audit overhaul
24 March 2021
The government has published proposals that would dilute Big Four dominance of the UK audit market and place stricter regulation on the sector and executives at major firms.
The consultation by BEIS would lead to greater transparency and more rigorous audits of large companies. A new watchdog called the Audit Reporting and Governance Authority would be created to take over from the FRC. Consultation runs until 8 July.
Earlier in March, it was announced former Lookers auditor Deloitte is under investigation by the FCA for its audit of the business between 2017 and 2018. The FCA also announced it was closing its investigation into Lookers over potential mis-selling.
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