A PYMNTS Company

UK: Big Four issue harsh response to claims of market dominance

By  |  April 10, 2013
UK: Big Four issue harsh response to claims of market dominance

In a move that few find surprising, the Big Four auditors within the United Kingdom – PwC, Earnst & Young, KPMG and Deloitte – have issued a harsh and scathing response to claims that the companies dominate the market and hamper competition, leading to less innovation and lower quality for consumers. Provisional findings of the market structure were first issued by the Competition Commission last February; specifically, the Commission criticized the market’s barriers that exist for customers who try to switch auditors. But now the Big Four are vocalizing their opposition to the findings, calling the report “flawed,” “unsound” and selective in its arguments. The companies are also contesting the Commission’s findings that the auditors prioritize management interests over those of companies’ shareholders.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

     

    Full Content: Accountancy Age

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.