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 The CBI commented on a vote in the European Parliament that passed the audit market reform package 

Matthew Fell, CBI Director for Competitive Markets, said:

"High-quality independent audits play an important role in building trust in business.

"The move to a combined ten-year tendering and twenty-year rotation framework is a sensible shift from initial proposals and will prompt companies to test the market and consider a new auditor.

"We have continuously highlighted that a blanket ban on auditors providing non-audit services to their clients would lead to a loss of expertise and advice, so we’re pleased the reforms only exclude a specific list of services.

"The UK Government now needs to bring these proposals together at a national level, along with the recommendations from the Competition Authority, so UK firms know where they stand."