Audit reform timeline
Following the collapse of Carillion in January 2018, four main reviews were launched on audit reform, each looking at different aspects of the debate.
- Sir John Kingman’s review – Commissioned in April 2018, this review examined the operations of the audit regulator, the Financial Reporting Council. It was later extended in October 2018 to look at auditor procurement and remuneration.
- The CMA market study – Launched in October 2018, this study looked at choice and competition, resilience of the audit sector, and incentives for producing robust audits.
- Future of audit inquiry – Announced in November 2018 by the BEIS Select Committee Chair, Rachel Reeves MP, this focused on how to improve quality and competition in the audit market.
- Sir Donald Brydon’s review – Commissioned in December 2018, this review examined the quality and effectiveness of audit, and looked at stakeholder expectations, the scope of audit, and how to make assurance more effective for investors.