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ARTICLE · 19 OCTOBER 2018

Competition And Markets Authority Launches Market Study In The Audit Sector

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It will be looking into whether the audit sector is competitive and if it is resilient enough to maintain high quality standards.

United KingdomAntitrust/Competition Law
Jonathan Mayner
Jonathan Mayner

The Competition and Markets Authority ("CMA") announced on 9 October 2018 that it is carrying out a market study in the audit sector to see if it is working for investors and the wider economy. It will be looking into whether the audit sector is competitive and if it is resilient enough to maintain high quality standards.

The Competition Commission ("CC"), the CMA's predecessor, last looked into statutory audit services in 2013 and implemented a package of remedies following its detailed market investigation. Despite these measures, and subsequent legislative changes at European level, concerns remain as to the effective operation of the audit market.

Following the collapse of companies such as Carillion plc and BHS, there are widespread and growing concerns about the quality of audits. The CMA notes the wider importance of trustworthy financial information in providing the confidence necessary for the proper functioning of the market economy.

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