Competition Commission’s timetable for audit reform delayed, EU audit framework set for March release, EY Farepak fine, Mazars acquires Deloitte public sector arm

Details of EU audit reform deferred to March

The details of proposals by MEPs in Europe to reform the audit market – which includes plans to place a 70% cap on non-audit fees and strictly limit tax and advisory non-audit services – may not be available until early March.

The MEPs agreed proposals following contentious deliberation which included a breakdown in talks and cancellation of a trilogue session in early December after politicians failed to reach consensus on which position they should adopt in order to take the reforms forward.

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