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The CBI commented on the Competition Commission’s final audit reform proposals.

Katja Hall, CBI Chief Policy Director, said:

“We’ve argued that any reforms to the audit market should seek to improve quality, independence and choice of audit.

“A ten year tendering framework will prompt companies to test the market and consider a new auditor - it’s a sensible shift from the initial five-year proposal.

“After a long period of uncertainty, companies now need clarity on how and when the proposed remedies will be implemented.”