Competition Policy
Published: 7 February 2024
2 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 2024-25 which include to ‘create a more resilient market through greater competition and choice’.
NHS Audit Market Study
This FRC market study will focus on how well the UK NHS audit market is functioning, including the demand for audit, unique features of the regulatory framework and barriers to entry and expansion. This market study will look at the impact on NHS providers, Integrated Care Boards, stakeholders, and the wider audit market.
The FRC has published initial feedback on its market study into the audit market for NHS providers and Integrated Care Boards (ICBs). The report outlines feedback received to the FRC’s Invitation to Comment, our survey of NHS bodies, and extensive engagement with NHS bodies, audit firms and other system stakeholders. The emerging findings also provide market data on audit fees paid by NHS providers, audit firm engagements across the sector, and the timeliness of audits being delivered.
The FRC invites stakeholders to provide further input, responding to the questions set out in the emerging findings by emailing [email protected] by 6 February 2025.
| Name | NHS Audit Market Study - Emerging Findings |
|---|---|
| Publication date | 12 December 2024 |
| Type | Report |
| Format | PDF, 982.0 KB |
| Name | NHS Audit Market Study launch Invitation to comment |
| Publication date | 25 July 2024 |
| Type | Consultation paper |
| Format | PDF, 232.7 KB |
| Name | NHS Audit Market Study launch information sheet |
| Publication date | 25 July 2024 |
| Type | Information sheet |
| Format | PDF, 1.5 MB |
Assurance of Sustainability Reporting Market Study
The FRC’s market study into the assurance of sustainability reporting aims to examine 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 centres on the impact of sustainability assurance across UK companies, considering how sustainability assurance impacts companies, investors and the wider assurance market.
The FRC has now published its emerging findings on the assurance of sustainability reporting by UK companies. These findings set out feedback received via written responses to the FRC's invitation to comment, published in March 2024, and through its extensive stakeholder engagement activities. In addition, the emerging findings provide market data on the use of sustainability assurance in the FTSE 350.
The FRC invited stakeholders to provide further input, responding to the questions set out in the emerging findings by 29 November 2024.
| Name | Assurance of Sustainability Reporting Market Study Emerging Findings |
|---|---|
| Publication date | 15 October 2024 |
| Type | Report |
| Format | PDF, 1.4 MB |
| 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 2024 Update |
|---|---|
| Publication date | 4 December 2024 |
| Format | PDF, 1.7 MB |
| Name | Audit market and competition developments - a snapshot (2023) |
| Publication date | 14 December 2023 |
| Format | PDF, 621.8 KB |
| Name | Competition in the audit market - A policy paper (2022) |
| 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 |