According to a report by the Financial Times, the new chair of the UK’s Competition and Markets Authority has signalled his intention to probe the four biggest accountancy firms, observing their work could sometimes appear to be “money for old rope.”
Andrew Tyrie, a former Conservative MP who begins his new role in June, said the apparent lack of competition in the audit market was “certainly” something that needed to be looked at. “There must be a competition aspect, there are only four of them, there used to be five, if you go down to three some would . . . consider it an oligopoly.”
Mr Tyrie, who was being quizzed by MPs on parliament’s business committee, said his concerns about the market went back as far as the financial crash and even “predated” it.
“I remember when I was actually for a while chair of audit at a public company . . . sometimes thinking [of the auditors]: ‘this is money for old rope’. . . They’d come in, give us some figures we’d given them, collect a cheque and go home,” he said, before adding sardonically: “I’m sure it’s all much better now.”
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
European Commission Approves Nippon Steel’s $14.9 Billion Buyout of U.S. Steel
May 6, 2024 by
CPI
Banco Sabadell Rejects Rival BBVA Merger Proposal
May 6, 2024 by
CPI
Novo Nordisk Foundation’s Acquisition Faces Regulatory Hurdles
May 6, 2024 by
CPI
Microsoft’s MAI-1 to Compete with Google and OpenAI in AI Language Models
May 6, 2024 by
CPI
Qantas Settles ‘Ghost Flights’ Case With Australian Watchdog for $120 Million
May 6, 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