Response to CMA Audit Market Study Update Paper

The UK Shareholders Association and ShareSoc have made a joint submission to the Competition and Markets Authority (CMA) in response to the update paper they have issued relating to their audit market study. Our submission is available here: CMA – Response to Update Paper Final

The key points we made were:

  1. The need for radical change
  2. The Siren voices, from those involved who argue for limited change, should be ignored.
  3. The quality of audits needs to be improved.
  4. Peer review is a good idea and should be introduced for a sample of companies immediately.

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