Competition Policy
Published: 7 February 2024
1 minute read
We develop policy to ensure a well-functioning audit market that consistently delivers high quality audits and is resilient.
Our work supports the FRC’s strategic objectives for 2023-26 which include to ‘create a more resilient market through greater competition and choice’.
Assurance of Sustainability Reporting Market Study
The FRC’s market study into the market for the assurance of sustainability reporting will focus on how well the UK sustainability assurance market is functioning, whether this market is delivering desirable outcomes including high quality assurance with minimal burdens and costs on business, and how the market may develop in the future. This market study will centre on the impact of sustainability assurance across UK companies, considering how sustainability assurance impacts companies, investors and the wider assurance market.
The closing date for responses is 13 June 2024.
| Name | Assurance of Sustainability Reporting Market Study Invitation to comment |
|---|---|
| Publication date | 21 March 2024 |
| Type | Consultation paper |
| Format | PDF, 259.5 KB |
| Name | Market Study Launch information sheet |
| Publication date | 21 March 2024 |
| Type | Information sheet |
| Format | PDF, 583.7 KB |
Competition development
We have published two papers setting out our view on how competition is developing in the audit market, our approach to competition and the work we are doing.
| Name | Audit market and competition developments - a snapshot |
|---|---|
| Publication date | 14 December 2023 |
| Format | PDF, 621.8 KB |
| Name | Competition in the audit market |
| Publication date | 1 December 2022 |
| Format | PDF, 6.0 MB |
Recent publications
Other recent publications include a short paper highlighting the system-wide barriers to entry and growth in the PIE and non-PIE audit markets and how we need a system-wide response to address these; and a report providing greater detail on the views of firms with respect to these barriers.
| Name | Barriers to entry and growth in the audit market |
|---|---|
| Publication date | 1 February 2024 |
| Type | Information sheet |
| Format | PDF, 370.9 KB |
| Name | Views of firms on entry growth and exit in the markets for smaller PIE audits and non-PIE audits |
| Publication date | 1 February 2024 |
| Type | Report |
| Format | PDF, 1.2 MB |