Home Australia Blunt instruments won’t solve audit puzzle | Business – The Times

Blunt instruments won’t solve audit puzzle | Business – The Times

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 The Sunday Times

If Lord (Andrew) Tyrie was hoping for a rapturous response to his plans for overhauling the audit market, he will have been disappointed. The competition regulator, which Tyrie chairs, put out an ambitious document in December proposing to enforce joint audits of FTSE 350 companies, split accountancy firms’ audit and advisory businesses, and — possibly — bring in market share caps. The former economist made it clear that he was determined to cut the Gordian knot of the big four firms’ dominance, promising to “persist until the problems are addressed”. His final report is due in the next few weeks.

The FTSE 350 companies and investors on whose behalf he is supposedly battling don’t seem to share his enthusiasm, though.

In the past three months,…

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