Following reforms by the UK’s Competition Commission – ones that could get even more strict – reports say auditor Deloitte is in danger of losing one of its most important clients, ending a 26-year relationship.
Telco giant Vodafone has reportedly placed its audit out for tender after having its books audited by Deloitte – one of the so-called Big Four auditors in the industry – for 26 years.
The Competition Commission moved to shake up the industry after an inquiry found the market was largely dominated by four players; the government faced pressure crack down on the auditors following the financial crisis. The Commission recently decided that companies must place their auditing up for tender at least once every 10 years; that regulation may become stricter, however, following suggestion by the European Commission that companies must be required to change their auditors every 10 years.
Vodafone is the UK’s second-largest listed company, say reports.
Full Content: Financial Director
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI