Following the Financial Reporting Council’s slamming of the UK’s Competition Commission’s proposed reforms to boost competition in the auditing market, a group of the smallest auditing firms have joined the debate. The Kreston International group, which includes 700 auditing offices throughout the globe, spoke out against the FRC’s claim that requiring auditor rotations every decade – and not every five years as the CC had originally suggested – would only preserve the structure of the so-called Big Four auditors dominating the market. Doloitte, PWC, KPMG and Ernst & Young audit 99 of FTSE-100 companies. One senior tax and audit partner at Reeves, a member of the Kreston group, said she was “disappointed” that the CC did not stick to its original proposal of requiring firms to put their audit up for tender every five years; further, the partner, Fiona Hoston Moore, said the FRC’s offer suggests regulators are “looking after the larger firms.”
Full Content: The Telegraph
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Car Battery Makers to Challenge EU Cartel Charges in Brussels
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI