This order was made under the market investigations provisions of the Enterprise Act 2002. It requires companies listed on the FTSE 100 and FTSE 250 indices to:
- put their statutory audit services out to tender at least every 10 years
- say when they plan to go out to tender for these services next if they have not done so for 5 years and explain their decision
The order also contains measures to strengthen the accountability of the auditor to the company’s audit committee.