The Financial Reporting Council, the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, has published a discussion paper on the possible effects of changes to audit firm ownership rules, plus a consultation on the use of audit firms from more than one network. The discussion paper and consultation form part of the FRC’s progress report on the recommendations of the Market Participants’ Group (MPG) on actions to enhance the efficiency of the market for audit services to large companies in the UK. The discussion paper considers a number of issues in relation to audit ownership, including: ease of entry and the potential for mid-sized firms to gain market share; the potential impact of the introduction of outside capital to audit firms on audit quality; the impact of the introduction of outside capital on the supply of auditors with appropriate skills and personal qualities; and possible decline in audit quality arising from conflicts of interest associated with a firm’s ownership. Responses to both the discussion paper and the consultation are sought by 1 August 2008.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.