Which of the following recommendations did the CMA propose in their review?

The recommendation for robust regulatory oversight of audit committees addresses the need for greater scrutiny and accountability within the audit framework. This is critical to ensure that audit committees, which play a vital role in overseeing the financial reporting process and maintaining the integrity of financial statements, operate effectively and in the best interest of stakeholders. Strengthened oversight can help prevent conflicts of interest and improve the quality of audits by ensuring that audit committees are well-informed and capable of making sound decisions regarding auditor appointments and relationships.

In contrast, the other options suggest measures that might not enhance the audit process or could undermine its integrity. For instance, mandatory partnerships between audit firms might restrict competition and could lead to complacency. Eliminating auditor independence would compromise objectivity, which is fundamental to the audit profession. Prohibiting all joint audits could limit the diversity of perspectives brought into the auditing process, which can actually enhance the overall quality of audits. Thus, the recommendation for robust regulatory oversight stands out as a constructive and necessary step to reinforce the integrity and effectiveness of audit committees.