Competition Commission delays audit reform consultation by up to 6 months
The UK Competition Commission has put on hold its audit reform consultation process. The delay could last up to six months.
The delay is because of recent developments at a European level. The Commission had been aiming to be at the informal consultation stage but this stage won’t begin for the next four to six months.
Talks over the EU 10 year audit rotation have been on-going for some time and only recently were put on hold because of disagreements over the package of legislative measures. Read more in our previous blog Talks over the EU 10 year audit rotation have been put on hold
But in December of last year the Council of the European Union announced that a preliminarily agreement was reached by member states regarding proposals for the draft Audit Regulation and Directive of the European Parliament and of the Council on EU audit market reform. Read more in our previous blog Preliminarily agreement reached on the EU audit reform .
The Commission don’t want their new audit reform to contradict or duplicate EU regulation. So because of this they have put on hold their audit reform consultation process to enable them to consider fully the implications of the EU proposals on their own orders.
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