Published: Oct 31, 2018
IFAC Submission on the UK Competition and Markets Authority’s Audit Market Study
IFAC’s submission on the UK Competition and Markets Authority’s (CMA) Statutory audit market study provides an international perspective, including contextual observations regarding audit quality and initial views on some of the remedies under consideration. IFAC strongly concurs with the CMA that regulation and competition should work hand in hand to deliver audit quality that serves shareholders and investors and trustworthy financial information that provides the confidence necessary for the proper functioning of the market economy. In that context, IFAC recognizes the critical importance of the behavior of the firms, in particular with respect to audit independence. IFAC recommends using the International Auditing and Assurance Standards Board’s Framework for Audit Quality (the Framework) as a comprehensive approach to defining audit quality.
Copyright © 2018 The International Federation of Accountants (IFAC). All rights reserved.
IFAC FOCUS AREAS
- Accountability. Now.
- Adoption of International Standards
- Developing the Global Profession
- Global Representation and Advocacy
- Professional Accountants in Business
- Small and Medium Practices
Independent Standard-Setting Boards
The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.
The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.
The International Ethics Standards Board for Accountants sets high-quality, internationally appropriate ethics standards for professional accountants, including auditor independence requirements.
The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.
You must be signed in to the IFAC website in order to submit a comment. If you do not have an account, please register below. IFAC respects your privacy and will not send you unsolicited email or spam. You can subscribe to IFAC publications, change your subscription preferences, or manage your user profile at any time.