Audit regulation such as mandatory audit firm rotation (MAFR) has delivered mixed results in the UK, and at the same time, has forced up audit costs for the FTSE 100—with audit fees jumping a whopping 10% to almost $1bn ($935m) in the last 12 months, finds a new report.

The Source Global Research report found that while MAFR has massively shaken up the landscape of some of the world’s biggest audit markets, it has had very mixed success in terms of achieving the following goals: