The government has announced that it will require all public interest entities i.e. listed companies, banks, building societies and relevant insurers to put their audit out to tender at least every 10 years and to change their auditor at least every 20 years. It does not intend, however, to make statutory provision for the regulation of accountants – this would be left to the relevant professional bodies.
The Financial Conduct Authority and the Prudential Regulation Authority have agreed to update the existing rules on Audit Committees.
A copy of the written statement can be viewed on the Parliament website.