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

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he plans to implement the Competition and Market Authority’s (CMA) proposed reforms to the statutory audit market published on 18 April 2019.

The Government supports effective and proportionate action to address key issues in the audit market, including the lack of competition and resilience, misaligned incentives, and a lack of public trust.

The Government has analysed the responses to the 2019 Government consultation on the CMA’s study and we intend to set out our comprehensive proposals in response to that consultation in the coming months, seeking views on them where the Government have not already done so. We will then consider bringing forward legislation in due course.