RSM comments on CMA and Kingman audit reviews

Commenting on the Competition and Market Authority's update paper on its Statutory Audit Market Study and Sir John Kingman's Independent Review of the Financial Reporting Council, Jonathan Ericson, RSM's head of audit said:

‘It is clearly in the public interest that there is improved quality and higher levels of competition and choice in the audit market and we applaud the CMA and Sir John Kingman and his team for having worked with such diligence and speed to address these issues.

‘Both of today’s reports set out a number of radical reform proposals which will have significant implications for challenger-firms. We will now need to consider these in detail before submitting our formal response in due course.’