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CBI not happy with CMA’s audit recommendations

23 April 2019

The UK’s premier business organisation, the CBI, says some of the CMA’s audit recommendations risk damaging UK plc’s world leader reputation.

It said that improving the quality of audit to enhance public trust and investor confidence is paramount. But CBI President, John Allan, said: “The guiding star for any reforms must be a focus on what works.”

He felt that mandating joint audits will simply add cost and complexity for business with no guarantee of better outcomes. Operational splits could also restrict access to the skills required to carry out complex audits.

Allan suggested tat other ideas, such as greater scrutiny of audit committees by the regulator have merit and could safeguard against high-profile corporate failures, which have rightly prompted searching questions.

He explained that with the Byron review yet to report a false move now could create yet more uncertainty and undermine confidence in corporate Britain.

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