Law and Regulation
Deloitte’s response to the Competition Commission's working paper
This response reflects Deloitte’s comments on the first working paper published by the Competition Commission (CC).
Deloitte’s response finds that the working paper provides a valuable guide to the main legal and regulatory forces relevant to the audit of large companies in the UK. However, it contains insufficient discussion on one key issue: audit quality. There are also a small number of other very important issues which are raised by the working paper that Deloitte believes need further consideration by the CC. These are:
- risk and liability;
- the role of the audit committee;
- US regulatory forces; and
- regulation and market distortion.