New records

London news

Competition body slams audit firms



THE COMPETITION Commission will this morning find that the Big Four accountancy firms have too much control over the industry, and call for measures to encourage Britain’s largest companies to change auditor regularly to boost competition.

In its long-awaited provisional report, the commission is expected to find no evidence of collusion, but will raise concerns that PwC, KPMG, Deloitte and Ernst & Young have an unfair grip on the books of big UK companies.

Many blue-chip firms have “Big Four-only” rules in place, and the commission is set to propose a ban on such measures, according to Sky News.

But it is expected to be less forthright about imposing mandatory rotation, in a move likely to upset mid-sized accountancy firms attempting to crack the FTSE audit market.

The Competition Commission will also urge investors to become more vocal about a firm’s choice of auditor.

All but a handful of the FTSE 100 use one of the Big Four to audit their accounts, and a firm will keep their auditor for an average of 48 years, according to a House of Lords report in 2011.

At least four blue-chip companies are believed to have put their audit contract out to tender in 2012, but only two – asset manager Schroders and oil explorer BG Group – decided to switch. Both continue to use the Big Four.

The Competition Commission declined to comment last night.

CATEGORY: Business Consultants

Pages: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35]

137 Newhall Street (Management) Ltd 4 U Consulting Ltd A.B. Consulting Services Limited Achieve Consultancy Ltd.
Actinex Adamco 2000 Ltd Adenbarn Ltd. Adept Consultancy Limited
Adval Ltd Aea Ltd Aegis Risk Management Practices Ltd Afrimac I.T. Consultancy Ltd
Air Management Consultancy Ltd All Ears Ltd. Almond Consultants Ltd AM2 It Consultancy Services Ltd
Anderson Grounds & Company Anisah Consultancy Ltd. Armidale Co Ltd Aylesbury Development Co.
Barbara Yates Business Consultant Batto Consultancy Ltd Belgravia Associates (Europe) Ltd Belhaven Ltd
Bellford Consultancy Services Ltd. Betonica Consultants Ltd Biktow Contracting Ltd Blackstump Dealers Ltd
Bolton Cruz & Co British & Overseas Consultants Ltd Business Activity Centre Butler,Michael R D,
C.H.K.S. Ltd C.R.P. Consultancy Ltd Calcpen Ltd Cannon Reid
Capebay Contracts Ltd Carisbrook Consulting Ltd Catalyst Development Ltd. Cb Capital Consultancy Ltd
CCS IT Limited Centre for Economics & Business Research Ltd. Centre for Strategy & Communication Century Consultants Ltd
Charles & Partners Ltd. Charterhouse Consultancy Chatworth Consulting Chiron Consultation & Therapy Services Ltd.
Cimerian Consulting Ltd CINTIS International Ltd Circus Communications Ltd. City & Guilds of London Institute
Clifford Consultancy Ltd Co. Watch (Holdings) Ltd. COBA Technology Ltd Codex Solutions
Complete Physio Ltd Contract Check CONTRACT400 Consultancy Ltd Control Business Services
Cordis Bright Ltd. Corporate Resources Group (U K) Ltd. Corporate Strategy Consultants Cost Reduction Management Ltd.
Credo Group Ltd. Customer Relationship Management Ltd David Haynes Associates David Shepherd Assocciates
Deodar Associates Ltd. Deskicon Consultancy Ltd DiaGnosis Durninghall Business Centre
E B C Corporate Consultants Ltd. E C Magazines E.M. Evans Consultancy Services Ltd Earlystart Ltd
East London Small Business Centre Ltd. Eerste Contracts Ltd Ember Consultants Ltd Emerging Market Economics Ltd.
Emerson Consultants Ltd. Enztech Consultancy Ltd Ergo Consultancy Ltd. Ethical Consultancy Services Ltd
Eurocan Consulting Ltd. Eurodeal Consultants Ltd Euro-Pacific Consultants Ltd. European Business Information Services Ltd.
Eurostrategy Consultants Executive Shaman Ltd Exemplar Consultants Limited Expatriate Management Ltd
Expense Reduction Associates Ltd Export Venture Financial Management Bureau First City Consulting Ltd.
Flexishape Systems Ltd. Flexy Office Plc Fortuna Consultants Ltd Fox Consulting