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UK: Despite mild findings against Big Four auditors, major upheaval coming

By  |  March 27, 2013
UK: Despite mild findings against Big Four auditors, major upheaval coming

While the Office of Fair Trading’s recent report on the auditing sector, which was much-focused on the “Big Four” leaders in the market, found little cause for concern that the current market structure was being jeopardized by collusion and stagnancy, analysts say that major changes are still in the works for the auditing sector. The OFT in fact found restricted competition due to high prices paid if a company would like to change auditors. Additionally, comparing different auditors was deemed difficult and that found a significant percentage of companies have had the same auditor for more than two decades. Among the most intensely-debated solution proposed by the OFT is requiring companies to rotate their auditors.

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