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UK: Forcing auditing firms on rotation would have consequences, says financial council

By  |  March 19, 2013

The UK’s Financial Reporting Council has stated that a previous proposal by the Competition Commission to require companies to rotate their auditing firms in an effort to break up the “Big Four” – the four largest auditing firms that control the market – would damage the quality of those audits. The proposal was set forth last month as potential ways to increase competition in the market. The Big Four, PwC, KPMG, Ernst & Young and Deloitte, are sure to welcome the argument, as the four audit the vast majority of blue chip companies.

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