Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what the planned timescale is for the review of the UK audit industry.

The Competition and Markets Authority CMA is undertaking a review of the audit sector. It has announced that it plans to consult on provisional findings by the end of the year and complete the study as soon as possible thereafter.

The Secretary of State for Business, Energy and Industrial Strategy has also asked Sir John Kingman to provide his thoughts on whether there is any case for change in the way in which audits are procured and audit fees are set, alongside his independent review of the Financial Reporting Council, to conclude by the end of 2018.