Between the Government, Labour and the Liberal Democrats there needs to be a cross party zeal to address the problem of an audit industry that right now is not fit for purpose, while the prospect of another Carillion lingers.
The Competition and Markets Authority (CMA) needs to investigate the audit market, and in particular the role of the Big Four accountants, to prevent a ‘too few to fail’ culture dominating.
A cross-party push on the CMA is more likely to make that happen. In order to ensure its not only a UK-based approach to improving this market, the European Commission ought to be involved as well.
But things need to happen soon before the Brexit juggernaut threatens to kill any progress.
With Andrew Tyrie, the one-time scourge of the bankers at the helm, the CMA may be ready to look seriously at the problem.
We look forward to rapid developments on this matter.