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FRC calls on CIMA members to join debate on auditor competition risk.

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PositionFinancial Reporting Council, Chartered Institute of Management Accountants - Brief article

The Financial Reporting Council (FRC) is inviting CIMA members to contribute to a discussion on how to widen the top end of the UK audit market. As part its study into audit competition and choice, the FRC is holding a stakeholders' meeting in September to address the limited auditor options currently available to UK listed companies.

Earlier this year a joint FRC/Department of Trade and Industry report found that 97 per cent of FTSE 350 companies were audited by one of the Big Four accountancy firms. Many large listed companies said that auditor independence rules and internal policies and procedures had left them a choice of only two or three firms.

The meeting, to be held in London on September 18, will present responses to a discussion paper based on the report. Participants will discuss how to promote increased choice...

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