The government has announced plans to overhaul the audit market, with the creation of the Audit, Reporting and Governance Authority (ARGA). A more robust enforcement body than its predecessor, ARGA has the ability to reign in failing auditors and oversee the implementation of a new policy whereby FTSE350 companies must use a challenger firm to conduct some audit work. Yet some industry figures are questioning the effectiveness of this new regulator and its agenda, arguing for instance that shared audits don't favour the partners as much as they favour shareholder interests. Is this a possible reckoning for the Big 4's share of the audit space or is it all a smoke and mirrors act designed to placate the disgruntled?

Posted by Accountants' Club at 2022-06-22 16:31:10 UTC