Concentration in the UK audit market remains
an issue more than two and a half years after the Financial
Reporting Council’s (FRC) market participants group (MPG) issued 15
recommendations designed to increase audit choice while maintaining
audit quality.
The FRC has published its fifth progress report on the MPG
recommendations.
Progress since the FRC’s last update, in October last year,
includes:
- The release by the audit firm governance working party of a
best practice code on the governance of audit firms; and - Improved transparency reporting by most firms that audit listed
companies.
FRC chief executive Stephen Haddrill said that while progress
has been made in implementing the MPG recommendations, the risks
arising from the extent of concentration in the audit market
remain.
“Over the next six months the FRC will assess the effectiveness
of the recommendations as a whole and make clear proposals on what
further action is required,” Haddrill added.
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