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