No silver bullet, but a hail of lead: FRC audit choice proposals in full
The final report of the FRC’s Market Participants Group was published this month, outlining how the regulator hopes “choice in the UK audit market” might be improved.
Staying faithful to its self-regulation stance, it focussed largely on what it felt were issues of supply and demand. Nevertheless, it has created some extra work for itself, as well, it seems, as the accounting bodies and all the market participants themselves.
At the same time, the FRC has cautioned that it found no “silver bullets” to the audit choice conundrum.