The audit market is currently under the microscope with the Competition Commission’s inquiry into the statutory audit market for large companies ongoing; and the European Commission’s proposals under debate in the European Parliament and Council of Ministers.
Following its consultation earlier this year, the Financial Reporting Council (FRC) recently published the new edition of the Corporate Governance Code, to apply to reporting periods beginning on or after 1 October 2012. One of the Code’s new provisions states that FTSE 350 companies should put the external audit contract out to tender at least every ten years.
Learn more about the changes.
Deloitte regularly responds to consultations on matters which affect our business and the wider marketplace, e.g. on standards and amendments to regulation.