The CMA has today announced an update on its review into the Statutory Audit Market. The update paper sets out the CMA’s findings so far and details their proposals for remedies. In response, the Management Consultancies Association has issued this statement
Tamzen Isacsson Chief Executive of the MCA said:
“The MCA represents the diversity of consulting industry sector with over 55 member firms, both large and small, many of whom don’t have an audit function in their companies. The consulting sector in the UK is very competitive and our members are committed to the highest standards of ethics, client value and service, and to avoiding conflicts of interests. Those member firms that do have both audit and consulting functions take their responsibilities very seriously with stringent and onerous internal checks and balances to avoid conflicts of interest but where appropriate allow clients to benefit from non-audit expertise from a multi-disciplinary organisation. We are pleased to see the CMA review has recognised the restrictions already in place in companies to avoid conflicts of interest and that the bulk of non-audit services are provided to companies that are not audit clients. We support smart and effective regulation that benefits clients and we are pleased to see the CMA isn’t in favour of a structural break up of companies which would be impractical to manage given these are massive global organisations. Our members remain fully engaged with the consultation process to ensure clients, both in the private and public sector, continue to receive excellent consulting services which deliver the outcomes clients seek and need."
Marketing and Communications Manager
Management Consultancies Association
Tel: 0207 645 7953
The Management Consultancies Association (MCA):
The MCA is the representative body for the UK’s leading management consulting firms. For over 60 years, the MCA has been the voice of the consulting industry, promoting the value of consulting to business, the public sector, media commentators and the general public. The MCA's mission is to promote the value of management consultancy for the economy and society as a whole. The MCA's member companies comprise over 60% of the UK consulting industry, employ around 45,000 consultants and work with over 90 of the top FTSE 100 companies and almost all parts of the public sector. The UK consulting industry is amongst the best in the world and a vital part of the business landscape. To see full list of current MCA members see link - https://www.mca.org.uk/consultancy_directory/
Compliance with the MCA's tough entry criteria and adherence to the principles of Consulting Excellence means that MCA member companies are widely acknowledged to provide high quality services to their clients. Many of their achievements are recognised in the annual MCA Awards.