Why the UK CMA report is relevant for India

The report gives a pragmatic framework that calls for a shift if statutory audit is to survive as a private sector activity

The CMA of UK recently released its much awaited report on changes necessary in the audit profession. There is absolutely no doubt that the current audit market in most countries suffers from dated and artificial restrictions, which end up preventing the growth and development of multiple credible audit firms in the profession, in the end harming audit quality. 

An audit business is run as a partnership (or LLP) and not as a company. An amalgamation of many senior professionals who come together as co-owners (provide capital and their skills) to deliver the promise of protecting public interest and assume joint and