The UK's largest listed companies will not be forced to put their audits out to tender, but will instead have to voluntarily renegotiate audit contracts every 10 years. The government has announced that it will not place a statutory requirement on FTSE 350 companies to retender their audits, but has indicated that companies should follow a 'comply or explain' code of practice. Speaking in the House of Lords on 14 March in a debate about the Economic Affairs Committee's 2011 report on audit market concentration, business minister Baroness Wilcox said the government would not introduce a statutory requirement for banking auditors to discuss their clients with regulators, including the Bank of England.
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