The submission stressed the enormous importance of the enquiry "in ensuring that much needed and meaningful change is achieved within audit, both as a service to users and as improvements to the profession".
It made proposals within six key themes:
- The lack of interaction between users and producers
- Need to clean out costly and irrelevant content from Annual Reports
- Proposed obligation to report on external signals a striking innovation
- Support for proposals to limit the big 4 audit firms
- The three separate audit reform reviews (Brydon, Kingman and Competition and Markets Authority) do not fit together as a coherent package to deliver audit reform
- Users (mainly individual investors/private shareholders) want audit quality
UKSA’s submission can be found here
The BEIS Committee press release can be found here
The Committee report can be found here
