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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

 

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