A boom: what is the endgame for private equity-backed firms? He explores the possible exit routes, from sales to larger private equity houses and further consolidation, to initial public offerings, outside buyers such as banks or tech vendors, or even a wave of management buyouts if private equity interest collapses. The team weighs up each one and how realistic it may be.Matthew Ord closes the episode with news that the Financial Reporting Council (FRC) has set out plans for what it calls a major evolution of its audit supervisory model, following the scrapping of the audit reform bill in January. He examines what is being proposed, when changes could take effect, and whether this latest attempt at reform has a genuine chance of improving audit oversight. The team shares their views on whether it will lead to meaningful change.