The CMA has today published its final report on its review into the Statutory Audit Market.
Tamzen Isacsson Chief Executive of the MCA said:
“The consulting sector in the UK is highly 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. The UK is a leading centre in the world for consulting services and we need to ensure that regulation does not undermine this position for a sector which is worth over £10billion to the UK economy and supports over 500,000 jobs across the UK. Structural break ups of companies would be impractical to manage and we are pleased to see this is not a recommended proposal, given these are massive global organisations and this would undermine our position globally. 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.”
Management Consultancies Association
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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.