The head of one of the United Kingdom’s biggest accountancy firms has said the audit market is “clearly broken” and “trust needs to be restored,” though how that should be done is “not clear.”

Paul Eagland, managing partner at BDO—the U.K.’s fifth biggest accounting and auditing firm—says he supports moves to improve the quality (and reputation) of audits if controversial recommendations made in April by the country’s Competition and Markets Authority (CMA) are brought into effect.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...