Frank Field MP comments on Kingman and CMA reviews
18 December 2018
Frank Field MP, Chair of the Work and Pensions Committee, comments on the Kingman review of the FRC and CMA review of the audit market.
Rt Hon Frank Field MP, Chair of the Work and Pensions Committee, said:
“Sir John Kingman has delivered a historic report that spells the beginning of the end of the cosy club of company directors, auditors and regulators marking their own homework for A* rewards while ordinary workers, pensioners and small businesses pay the price. Though it comes too late to catch those responsible for the disastrous failures at BHS and Carillion, company directors are now on notice that they can no longer escape accountability for their shady numbers just because they are not accountants. And the CMA is rowing in behind Sir John with surprisingly bold proposals for breaking up the Big 4 and ending the cronyism that sees the same names popping up over and over at every turn like a diabolical jack-in-the-box. If we actually see all this put to effect, we will see the first glimmers of fit-for-purpose corporate governance in the UK.”
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