UK: Commission may force companies to rotate auditors in fight against Big Four
As UK regulators struggle on how to break up what is known as the “Big Four” auditing firms – or whether that break-up is even possible – new reports are emerging that the Competition Commission is considering solving the issue of companies that are reluctant to change auditors by forcing a rotation of auditors. The Competition Commission released its provisional findings on the auditing sector and report that companies are often reluctant to change their auditors has they encounter difficulties in side-by-side comparisons with other firms. Within its report, the Commission lists several possible solutions, including “mandatory audit firm rotation” and “mandatory tendering.” The Commission is scheduled to release its final report by October. The Big Four firms have disagreed with the Commission’s provisional findings.
Full Content: Journal of Accountancy
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
US Steel and Nippon Steel Secure International Approvals for $14.9B Merger
May 30, 2024 by
CPI
EU Watchdog Mandates Boardroom Accountability for AI in Banks
May 30, 2024 by
CPI
Senate Democrats Urge DOJ Investigation into Alleged Big Oil Collusion
May 30, 2024 by
CPI
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
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