Proxima — See the change

Insight & opinion

 

The Competition Commission and statutory audit – a lot of sense and sensibility – part 2

Proxima image; Guy Strafford

Our previous post discussed three of the seven remedies that the competition commission proposed as part of their ruling around statutory audit rotation. In this post, part two of this mini-series, Proxima's Richard James and Guy Strafford will look at the remaining four remedies and some key questions finance / procurement teams and audit committees should be asking when tendering this high profile service.

Read more

The Competition Commission and statutory audit – a lot of sense and sensibility – part 1

Proxima image; Guy Strafford

The verdict is in, judgement is pronounced.

The Competition Commission (CC) has delivered its final ruling on the market for statutory audit services in the UK, amending its remedies from the provisional ruling announced a couple of months back (here are our comments from July) and the reaction from the industry is generally positive.

Read more

Spend Matters UK/Europe: The Competition Commission and Auditors – shaking up the market or just stirring?

Spendmatters300

Read more

Procurement Leaders: Auditing reform - does re-tendering deliver value?

PLN_logo_300x300

Read more

Mandatory audit rotation – a sourcing challenge

mandatory-audit-rotation

So, after months of deliberation and consultation, the Competition Commission published its provisional decision on the remedies relating to the market for statutory audit services. But will this really achieve the CC’s laudable objectives to improve quality and broaden the competitive market for statutory audit?

Read more

With so much of your business activity being done by people not on your payroll, who’s controlling the talent?

animated-men

The media sector, along with many other sectors around the world, is experiencing a shift in where talent and expertise now sits within a business...

Read more

Audit tendering may not turn out as hoped without some market change

Guy-New

The FRC and Competition Commission are causing change in the audit market, and when combined with pressure from the corporate governance teams of the largest investors, there is now real impetus for change.

Read more

Campaignlive.co.uk: Morrisons calls £73m ad review

Campaign-300x300

Read more

How to avoid value-erosion and cost-leakage in Financial Services

Ian-New

Cost management and 'cost-out' is critical for any business. As such, cost as a metric will always be near the top of the agenda for any business assessing the performance of their procurement or sourcing function. However, driving costs out of a business is not a one-off project - it's a continuous, evolving process.

Read more

Who is the customer of the audit?

Guy-New

There are some strict rules about the scope and execution of statutory audit. Things undoubtedly got tougher for the profession in the wake of the Enron scandal that brought down its auditor, Andersen. But interestingly, while there are now stricter rules around auditor independence from management and limits on non-audit services an auditor can provide, many of the issues that scarred audit then still linger.

Read more

Audit: above suspicion

Guy-New

The world of audit is in a state of flux. For a start, the long-standing grumbles about the Big Four (Deloitte, E&Y, KPMG and PwC) dominance in the world of corporate auditing has resulted in debates about regulatory reform domestically and in Europe. Even the Competition Commission is getting in on the act.

Read more

Proxima responds to the Competition Commission’s audit market report

LONDON, UK - 22 February 2013. Proxima responded to today’'s preliminary findings from the Competition Commission report into the audit market.

Read more

How the 'shareholder spring' should evolve

proxima-insight-and-opinion-v2

Following on from a previous post on this topic, the Shareholder Spring should turn its attention away from executive pay, and towards an area that has a far greater opportunity to improve profitability and shareholder returns - third party costs.

Read more

10 reasons why gain share fee models should be avoided

pencil-and-coin

Gain share fee models (otherwise known as contingency fee models, or 'no-win no-fee') initially appear attractive to organizations when seeking to engage with a procurement services provider (PSP).  However, they are frequently the road to ruin.  A closer inspection of such fee models shows why.

Read more

The strategic development of procurement: A view from Grant Thornton

grant-thorton-logo

Oliver Colling [OC], Head of Financial Management and Effectiveness at Grant Thornton discusses Procurement's journey, following the footsteps of Finance and HR, towards strategic business importance.

Read more

Research Live: A new deal?

research_live_300x300

Read more

All posts

Topics