The UK’s Competition Commission could be making a mistake with its proposed plans to shake-up the auditing market through requirements of changing auditors every five years, said the Financial Reporting Council. The remarks, made in response to the Commission’s Provisional Decision on Remedies to increase competition in the auditing sector run largely by just four firms, included claims that mandatory auditor switching may turn into a “sham process” that may not be taken seriously. Further, the FRC warned, the process may have adverse effects and actually lessen competition in the market, as smaller auditing firms do not have the funds to tender to frequently, thus keeping the so-called Big Four auditors at the head of the game. Instead, the FTC suggested, companies should be required to switch auditors every 10 years.
Full Content: Economia
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI