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BDO’s response to the BEIS Future of Audit report

02 April 2019

In response to today’s “Future of Audit” report published by the Business, Energy and Industrial Strategy (BEIS) Committee, Scott Knight, head of audit at BDO LLP, said:

“We are pleased the BEIS Select Committee supports the introduction of a market cap on the number of FTSE 350 audits that any single firm can take on. This measure stands out above all others as the most practicable way to improve choice, competition and resilience – and should go hand in hand with enhanced regulatory oversight from the Audit, Reporting and Governance Authority (ARGA).

“The biggest risk is that the ongoing Brydon Review is used as an excuse to kick the issue of audit reform into the long grass. We therefore welcome today’s report and hope this momentum is maintained.”