We seek to proactively develop insights, engage with policy makers, respond to issues and contribute to debates on the Firm’s role in the economy and our contribution to sustainable growth. This affects all of the services we deliver, and we welcome a high level of engagement from a wide range of stakeholders including investors, regulators, government and the corporate sector.
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Competition Commission
The Competition Commission (CC) inquiry into the statutory audit market for large UK companies began in October 2011, and will take up to two years to complete. Deloitte is cooperating extensively with the CC. We have submitted a number of documents during the inquiry to date. Our overall view is that the market under investigation works effectively and is fiercely competitive.
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EC Proposals
The European Commission published proposals on changes to audit regulations in November 2011. Currently being considered by the European Parliament and the Council of Ministers, the proposals could bring unprecedented change to the EU audit market. While supportive of measures that enhance audit quality, strengthen the independence of the auditor, and foster competition, we do not support proposals that we believe will put audit quality at risk and result in disruption and cost being imposed on the corporate sector.
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Our regulatory environment
The scrutiny that we are under from regulators, politicians, investors, companies and other stakeholders is high – and has grown in intensity since the financial crisis. The regulatory regimes in which we
operate are becoming increasingly complex. In addition to the CC inquiry and the EC proposals, the UK audit market continues to be monitored and regulated by the Financial Reporting Council.
Our other service lines are also affected by regulation, and we contribute actively to the debate.
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Our public interest role
We are proud of the role we play within the business community and beyond. We contribute to public policy debates and standard setting, and to the growth of UK plc. We know that our business activities affect society in many ways, and that preserving the trust and confidence of all our stakeholders is critical to our sustained success and high reputation.
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Insights
We understand the complexities of the business and regulatory environments in which organisations operate, and have developed a range of insights to consider emerging trends and issues. |
