Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the potential effectiveness of the introduction of a market share cap, as opposed to managed shared audit, on preventing further corporate failures.

The Government’s White Paper on “Restoring Trust in Audit and Corporate Governance: Proposals for Reform” was published in March this year and proposed the introduction of managed shared audit as part of a package of measures, which together aim to improve corporate governance, quality of accounting, auditing and their regulation, and competition and resilience in in the FTSE 350 audit market, for the UK’s largest companies.

The Government is currently considering all submissions from stakeholders, in response to the White Paper and will publish a Government response to the consultation in due course.