News Article - 04 July 2007
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A proposed set of recommendations for improving choice in the UK audit market needs to be developed in more detail, according to one group.

Consultancy Mazars has said that the recommendations published by the Market Participants Group (MPG) should concentrate on issues that could have the biggest impact on the market, Accountancy Age reports.

These include a higher frequency of audit tendering, a more transparent selection process and better disclosures from audit committees, the firm said.

"It's critical that we increase choice through competition if we are to create a more dynamic, innovative market focused on quality," commented David Herbinet, head of public interest markets for Mazars and a member of the MPG.

Robert Kerr of accountancy practice French Duncan recently told the Herald that making it compulsory for accounting firms to disclose the profits made from audits will increase market transparency and reduce the dominance of the Big Four companies.

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