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UK: More firms caving to pressure to switch auditors

By  |  December 8, 2013

Following insistence by the UK’s Competition Commission that companies rotate their auditors to improve competition in the industry, house construction firm Berkeley Group became the latest to change auditors.

Berkeley will now have its accounts audited by KPMG after 26 years of having them audited by PricewaterhouseCoopers.

KPMG and PwC are among the so-called top-four auditors, including Marks & Spencer and Deloitte, which largely dominate the auditing market for the UK’s largest companies.

Earlier this year, the Competition Commission relaxed its proposed regulations and will now require firms to rotate their auditors every 10 years.

Berkeley follows lender HSBC, which recently switched from 22 years with KPMG to PwC.

Full Content: The Guardian

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