CIMA welcomes choice in the UK audit market report

19 October 2007

CIMA (the Chartered Institute of Management Accountants) welcomes the publication by the FRC (Financial Reporting Committee) of the final report of the Market Participants Group (MPG) on choice in the UK audit market.

CIMA is very supportive of the market based approach that the FRC has taken to the issue and welcomed the package of fifteen recommendations, which have remained substantially unchanged from the interim report.

Richard Mallett, Director of Technical Development at CIMA, commented, 'Now that the work of the MPG has been completed, it will be important that the recommendations are implemented on a timely basis. CIMA looks forward to participating in the forthcoming consultations that will help to enhance the efficiency of the audit market over the medium to longer term.'

Notes to editors

1. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. It is the voice of over 158,000 students and members in 161 countries. CIMA is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business. CIMA has been nominated as a UK superbrand for a second year in a row this year and for the first time in Sri Lanka. 

 CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit http://www.cimaglobal.com/