Audit reform initiatives in the U.K. and EU have experienced setbacks. In the U.K., the provisional findings of the commission's investigation into whether the largest accounting firms have an advantage over the audits of FTSE 350 companies have been pushed back until mid-February, with the final report expected in June. Separately, the European Commission's reform of the audit market, which was to be voted on by the European parliament next month, has been delayed until June. There are still sharp disagreements over many of the measures, such as mandatory audit-firm rotation and the provision of non-audit services.

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