Members of the European Parliament have written to commissioners amid fears that key measures in the legislation will be watered down.
The group of researchers and professors say the EU should pause new sustainability laws and instead review a raft of academic criticism.
Without the European Commission’s reforms, governance systems “will act as countervailing forces against achieving sustainability objectives”.
‘Challenger’ firm BDO now has 310 audit clients across the AIM and the FTSE main market, to Big Four leader PwC’s 307.
The frequency with which companies fail—seemingly without any warning signs—has grown in recent years, with Wirecard the latest example. Auditing needs reform.
The Financial Reporting Council looked at 88 audits conducted by a number of firms and found that 33% needed “more than limited improvements”.
Signs of change at the top as BDO is ranked second only to PwC by number of listed clients—although FTSE 100 audits remain the preserve of the Big Four.
Financial Reporting Council report warns that auditors are still failing to reach the “necessary high standard” of audit quality.
PwC, EY, Deloitte and KPMG saw audit income grow by 1.7% in 2017–18 compared with 5.7% the previous year, amid continuing pressure for market reform.
A series of high-profile auditor resignations suggest that UK audit firms are becoming more cautious about the companies they work for.