The UK’s competition watchdog, the Office of Fair Trading (OFT) has concluded that the audit market is not competing effectvely and is now considering a referal to the Competition Commission. Taking a lead from the House of Lords Economic Affairs select Committee’s work on audit, the OFT has decided that there are “reasonable grounds for […]
Read MoreAmendments to ‘Broker Voting Rule’ yield unexpected results The long-awaited change to NYSE Rule 452, effective Jan. 1, 2010, reclassifying uncontested director elections as ‘non-routine’ items, thereby eliminating the discretion of brokers to vote uninstructed shares, also makes it more difficult for companies with no routine matters on the ballot to achieve a quorum. Under […]
Read MoreThe FRC has published its Fourth Progress Report on the implementation of the MPG recommendations on promoting choice in the UK audit market. In October 2007, the MPG published 15 recommendations intended to allow the audit market to work more efficiently and, in the medium‐to‐long‐term, to have a positive impact on audit choice in the […]
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