Volunteer Opportunity Details

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Consultation working group - BEIS consultation paper on audit reform

Signup Deadline: 16-12-2020
Starts: 04-01-2021
Ends: 17-03-2021


No of Member Volunteers required

Up to 8

Timeframe and Commitment

20-24 hours during January -March 2021

The UK audit profession has been under scrutiny for the past few years, and the Government’s Department for Business, Energy and Industrial Strategy (BEIS) will soon be asking for feedback on some of the recommendations made in the three recent reviews into the audit sector: Sir John Kingman’s review of the regulator, the Competition & Markets Authority (CMA)’s review of the audit market and Sir Donald Brydon’s review into the quality and effectiveness of audit. 

CFA UK aims to form a working group in readiness to respond to the BEIS proposals which are expected to be launched next month. CFA UK will look to respond on issues in the proposals that affect the investment profession rather than the entire set of questions in the consultation.  The group may conclude that this is achieved by the means of a short covering letter or a covering letter with responses to a handful of the most pertinent questions for our members.  BEIS consultations are typically open for a period of two to three months - this may allow time to design a survey for the CFA UK membership on the most relevant issues.

The purpose and activity of this working group is to:

  • Author a letter to BEIS responding to their proposals
  • Reflect the views of CFA UK’s members and the investment profession in that response
  • Work closely with CFA Institute’s Corporate Reporting team to ensure strong and consistent messaging from CFA Institute

Who are CFA UK looking for?

  • Members who are day-to-day users of corporate financial statements and who have followed the various debate on the quality and role of audit and have views on how the audit industry could be better structured
  • Experience of having worked as an auditor, or closely with auditors, would be helpful but is not essential
  • Members with a strong interest in governance and the quality of corporate reporting
  • Strong writing and communication skills
  • Availability for 20-24 hrs in total between January 2021 - March 2021

What will you get out of it?

  • Purposeful participation in a group looking to ensure that any future audit reform improves the ability of the investment profession to serve its clients and broader society
  • Networking with and benefiting from the professional experience of other CFA UK members
  • Opportunity to present your findings to CFA UK’s Professionalism Steering Committee

Compliance Notes:

  • Group members should seek prior compliance clearance from their employers
  • Members will participate in a personal capacity and not as representatives of their employer

Volunteers Needed:

8 (8 open slots)

Experience Required:

1 to 3 Years Industry Experience


Marissa Charles