The UK’s Competition and Markets Authority has issued its final report on the country’s audit industry and rejected calls from an influential group of MPs to break up the industry’s largest companies. This is despite simmering frustration over apparent failings by auditors in several high-profile corporate collapses.

In a statement on April 18, the CMA confirmed preliminary guidance issued in December that it backed legislation to separate audit functions from other consulting services that are often more lucrative. The recommendations included calls for separate management and accounts of the two parts of the business, as well as making promotions and bonuses on the audit side contingent on the quality of work.