IFAC Submission on the UK Competition and Markets Authority’s Audit Market Study

IFAC
Oct 31, 2018 |
English

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 © 2019 The International Federation of Accountants (IFAC). All rights reserved.

 

Related Resources

 

Looking for the standard-setting boards?

View Boards Site

Primary tabs

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.