Wragge Lawrence Graham & Co

UK 200 2013 position: 25

EU audit reform — all change

The topic of audit rotation and reform has been debated for the past decade and on 17 December 2013 the European Parliament voted to accept the European Commission’s revised proposals for audit reform. This ended a long-standing impasse between the EU Council, the EU Parliament and the European Commission that had blocked reform since the original proposals had been made in 2010.

A final vote on the new proposals is to take place later this month (February 2014) after which the proposals will become law or a directive to all member states.

The proposals have been welcomed by the Financial Reporting Council (FRC) as opening the audit market to greater competition. They now follow the UK Competition Commission’s introduction, in October 2013, of a requirement for companies to mandatory tender every 10 years (with those that tender less frequently required to set out clearly when an audit would be put out to tender)…

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Analysis from The Lawyer

  • Paul Wilson

    Regional: attempted merger

    Alliances, failed and successful, are the story of the year outside London

  • Belinda Bradberry

    Interior designs

    Polish up your retention policy - private practice lawyers are increasingly eyeing in-house roles

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Overview

55 Colmore Row
Birmingham
B3 2AS
UK
http://www.wragge-law.com/

Turnover (£m): 120.50
No. of Lawyers: 458