Modest proposals will not make the audit process any more watertight

Andrew Tyrie’s report recognises the value of more competition, but tinkering at the edges won’t make it happen

Companies go out of business all the time, but big companies should be an exception. They have responsibilities to the communities where they operate. They employ lots of people and perform economically essential tasks. So they need to be resilient and have the capacity to adapt.

So what part does a financial audit play in keeping such a corporate ship afloat? It’s a question the Competition and Markets Authority (CMA), run by former Tory MP and Treasury select committee chair Andrew Tyrie, attempted to answer last week in a report that asked how greater competition might improve audit quality.

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