Tendering and audit committee responsibilities
Governance in brief
The Competition & Markets Authority final order on mandatory tendering and audit committee responsibilities
Earlier this year, the Competition & Markets Authority (CMA, formerly the Competition Commission) formally consulted on a draft Order setting out how the remedies arising from its investigation of statutory audit services for large companies could work effectively with the new EU Regulation 547/2014 on the statutory audit of public interest entities so as to provide certainty as to the timing of tenders.
The CMA Order introduces wide ranging responsibilities for the Audit Committee Chair.