Commenting on the CMA audit proposals for consultation, Kevin Ellis, chairman and senior partner of PwC UK, said:
“This is a comprehensive package of proposed interventions from the Competition and Markets Authority. We recognise it is time for change and a watershed moment for the audit sector. Audit quality must be front and centre of any reform. We support measures which strengthen audit quality, boost public confidence and encourage more choice in the market.
“The proposals will require careful and wide consultation in order to deliver practical remedies which serve the best interests of shareholders, companies and society at large. We look forward to seeing the CMA’s report to better understand its findings and recommendations.
“The UK has a world leading professional services sector and it is important that the CMA, Kingman and other reviews lead to changes which further strengthen confidence and trust in the UK as a place to do business.”
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