Technical and regulatory updates, CC on role of audit committees, Grant Thornton IFRS audit win and RSA Ireland going concern issues

Audit committees under Competition Commission rules

The Competition Commission's final report following its investigation into the market for statutory audit services requires FTSE 350 companies to put their statutory audit engagement out to tender every 10 years and outlines clearer guidelines on the role of audit committees.

In a move designed to increase the accountability of the audit committee, the Commission requires that the audit committee's report be subject to an advisory vote at each annual general meeting.

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