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UK Lawmakers Launch Probe Into 'Broken' Audit Market

Law360, London (November 12, 2018, 12:55 PM GMT) -- A fresh investigation is to be launched into the state of auditing in the U.K., the head of a parliamentary committee revealed on Monday, in the wake of a series of accounting scandals and corporate collapses that have “undermined public and investor confidence.”

Auditing failings at major companies show accounts "bearing closer resemblance to works of fiction" than to the true financial performance of the business, the head of a parliamentary committee says. (AP) Rachel Reeves, chairwoman of the House of Commons Business, Energy and Industrial Strategy Committee, said the inquiry into the “broken” audit market will aim to improve quality and competition among...

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