The Competition Commission is proposing a broad and comprehensive package of measures to address the flawed structure of the larger company audit market. BDO LLP has long campaigned for change in the market and welcomes the Commission’s proposed remedies.
BDO’s Lead Partner and head of the firm’s audit in Southampton is Malcolm Thixton, who comments, “It’s important to remember why changes like this are needed: to improve a market that is currently operating to the detriment of business, investors and the wider economy. We consider this package of remedies will accelerate that change.”
The BDO Southampton office, with over 160 staff is one of the Central South’s largest accountancy teams and is responsible for some of the region’s larger audits.
“The strengthening of accountability between auditors, Audit Committees and shareholders is also welcome and such changes would help to create a market that is based primarily on innovation and audit quality, which can only be of benefit to UK plc.,” Thixton adds.
