The Financial Reporting Council has this week published its Fourth Progress Report on the implementation of the recommendations of the Market Participants Group (MPG) and other relevant developments.
Progress achieved in implementation of the MPG recommendations since the May 2009 update includes:
- The release by the Audit Firm Governance Working Party of a draft best practice code on the governance of audit firms; and
- The publication of a summary of responses to the European Commission's consultation on audit firm ownership.
Other relevant developments include a new consultation on changes to Ethical Standards and the publication of proposals for alternative business structures for law firms.