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.
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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.
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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.
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