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UK: Competition Commission enlists backup to reign in Big Four accountants

By  |  June 5, 2013

As the UK’s Competition Commission explores how to reign in the dominance of the so-called Big Four accountancy firms, which the regulator has found to control the majority of the accounting market, reports say the Commission will meet with the Financial Reporting Counsel to possibly collaborate on enforcement. The decision to possibly work with the FRC has come late in the Commission’s agenda to tackle the anticompetitive accounting market, which is currently dominated by PwC, Deloitte, Ernst & young and KPMG, though reports say the move is not necessarily unexpected. Further, if the FRC is tapped to help the Commission reinforce new policies – which will be announced next month by the antitrust regulator – the auditing watchdog would simply supplement the Commission’s enforcement, not overrule or replace it.

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