Stephen Haddrill, Chief Executive of the Financial Reporting Council, said: “This is a serious and comprehensive report to which we will give full weight in considering how to strengthen the value of audit to the capital markets. “The Committee has urged the UK to take a lead in the debate about the future of audit. As the home market for some of the world’s largest audit firms, we agree that the UK has a special responsibility to lead this debate to secure the vibrant, internationally competitive market for audit services that investors wish to see, and which the public interest demands. We look to the profession, investors and companies to play a full and constructive part in this work.

“We are particularly pleased that several of the Committee’s recommendations are similar to proposals made by the FRC in its Effective Company Stewardship paper, in particular its emphasis on an increased role for audit committees. We will take the Committee’s views fully into account in considering the responses to this consultation”.

Press release