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U.S.: Big Four influence could restrict competition in the audit market

By  |  October 8, 2012

According to a study conducted by the Competition Commission, majority of FTSE 350 companies would often consider FD’s and senior audit committee chairmen from the Big Four. The most frequently mentioned reason for choosing a Big Four auditor, by both FDs and audit committee chairmen, was the size and geographic coverage of the Big Four audit firms, sector knowledge and experience, the commission said. This raises concerns as a regulator stated that competition in the audit market could be restricted by the “backgrounds of those involved in the appointment of auditors.”

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