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

By  |  April 10, 2013

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.

 

Full Content: Accountancy Age

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