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Audit ownership: the cat's among the pigeons
Listen, if you're brave enough, the Oxera report on audit firm ownership, out today, is worth a read.
I say that because it is 250 pages and, because it was written for the European Union, it's in the kind of style that insomniacs might find useful.
But it does, in a way, lay the foundations for a new kind of audit firm - one that isn't owned by auditors.
It concludes, surprise surprise, that loosening up the ownership rules could allow someone to grow a firm up to Big Four size and thus resolve the lack of audit choice that currently persists.
And, in a statement I'm sure will annoy many, it says investment from outside the profession might just be the way to do it.
Now all that's left to do is figure out exactly how the ownership rules have to be changed. Any suggestions on how long that will take to figure out?
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