COMMONS

Academics and investors questioned on future of audit

11 January 2019

The Business, Energy and Industrial Strategy (BEIS) Committee holds the opening evidence session of its inquiry into the future of audit.

The focus of the Committee’s inquiry is on the likely impact of the CMA market study and the review of the FRC (by Sir John Kingman) in improving quality and competition in the audit market and reducing conflicts of interest. The first evidence session will include witness panels featuring academic experts and investors.

The Committee’s inquiry follows up on the Committee’s work on Carillion and BHS which identified flaws in the auditing of those companies and its subsequent interest in other auditing failures, such as Patisserie Valerie.  In addition to looking at the recent Kingman and CMA proposals, the Committee will also look at the recently announced review into the quality and effectiveness of the UK audit market being led by Sir Donald Brydon.

In future weeks the BEIS Committee’s audit inquiry will hear from witnesses from the Big Four and ‘challenger’ accountancy firms, Audit Committee chairs, CFOs, as well as representatives from the FRC & the ICAEW, and Sir John Kingman.

Witnesses

Tuesday 15 January 2019, Committee Room 5, Palace of Westminster

At 10am

Panel One: Academic experts

  • Professor Christopher Humphrey, Professor of Accounting, Alliance Business School, Manchester University
  • Professor Karthik Ramanna, Professor of Business & Public Policy, Blavatnik School of Government, Oxford University
  • Dr Ilias Basioudis, Senior Lecturer of Financial Accounting & Auditing, Aston University Business School
  • Vinita Mithani, Lecturer in the Accounting & Finance Department, Middlesex University Business School

Panel Two: Investors

  •  Euan Stirling, Global Head of Stewardship and ESG Investment, Aberdeen Standard Investments
  • Liz Murrall, Director, Stewardship and Reporting, the Investment Association
  • Natasha Landell-Mills, Head of Stewardship, Sarasin & Partners
  • Leon Kamhi, Head of Responsible Investment, Hermes Investment Management

Further information

Image: iStockphoto

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