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UK: Force auditor changes every 15 years, say investment firms

By  |  May 23, 2013

The UK’s Competition Commission received a letter recently signed by several of Britain’s largest pension and investment firms asking the regulator to force auditor switch-ups every 15 years to ensure an end to auditor complacency within the accountancy industry. The Commission at one point has suggested a requirement for companies to switch auditors every 14 years and introduce a tender for their audit work every five to seven years. Since, however, the regulator has decided to allow companies to have their shareholders vote on reappointing auditors; the firms that sent the letter the Commission argue that a vote is not enough to ensure auditor shake-ups. Among those that signed the letter are USS Investment Management and Royal London Asset Management; billions of British pounds worth of assets are controls by those who sent the letter. The Commission announced it will release details of plans to resolve the matter in July.

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