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: Clubs and Associations

Pages: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] [21] [22]

12 Fore Street Ltd 23 Randolph Crescent Limited 26 Ickburgh Road Management Co Ltd 28 Queensdown Road Management Co Ltd
3 Gordon Road (Residents Association) Li 38 Clifton Gardens Management Ltd 38 The Avenue Management Limited 39A Queens Gate Gardens Management Ltd
49-51 Sancroft Street Ltd. 63 Linden Gardens Management Co. Ltd. 71-73 Upper Berkeley Street Management C 77 Sutherland Avenue Residents Co. Ltd.
85 Alderney Street (Management) Limited A K N A Social Club Abbotsbury Court Management Co. Ltd. Abundance Commeth International Management Ltd.
Acm Waste Management Plc Ad Project Management Ltd Afro Caribbean Senior Citizens Club Alpha Grove Development Trust
Ambassador Homes (Baker Street) Ltd. Arbour Community Boys Club B & R Management Ltd B.E.T.A Community Centre
B.H. Management Ltd Beaufort Court Management (Waterside) Ltd. Bellingham Community Project Management Co. Ltd. Belsize Avenue Management Company Limite
Blenheim Court (Woodford Green) Limited Blyde Management Ltd Bollywoods Boro Bethnal Green Working Mens Club
British Bulgarian Friendship Society Broadcast Solutions Ltd. Brookes Market Management Co Ltd Brownfield Social Club
Burford Reach Management Co (Two) Ltd Butler,Rod, Cameron Athan Boys Club Camerton Athan 18 Plus Club
Care Community Club Caroline Gardens Management Ltd. Caseville Ltd Central London Masonic Centre Ltd.
Chimney Court Management Ltd. Chingford Catholic Club Chingford Royal British Legion Club Ltd Chiral Management Ltd
Church Street Ltd Cityharbour Management Co Ltd Closet Clothing Co. Ltd. Coconut Groove Club
Colman's Wharf Management Ltd. Create Ltd Creek House Residents' Association Ltd. Crimson Crescent Ltd.
Cruising Association Custom House Working Men's Club de Mandeville Court Management Co. Ltd. Decision Management International Of Europe Ltd
Delia Managements Limited Dewana Social Club Dorset Tenants Association Social Club Drifter Management Ltd
Dundee Court Management Ltd. Eagles Vale Snaresbrook Management Co L East Ham South Conservative Club East Ham Working Mens Social Club
East London Somali Association Ensign House Management (waterside) Ltd Essex Place No 1 Residents Company Limit Eton Manor Cricket Club
Eton Park Management Company Limited Fair Acres Management Ltd Fareham Football Club Ltd Farley Court (Kensington Management) Ltd.
Fity Nine Motorcycle Club Ltd Flanders Community Centre Fleet Street Square Management Ltd. Foundry Mews Management Company Limited
Fourt Management Limited Funcity Management Ltd G Jones Gala Clubs
Gelco Expense Management Ltd Gemgold Management Ltd. General Browning Moth Club Globe Town Community Association
Gmg Management Ltd Go British Go Association Golden Acre Management Company Ltd Greenoak Capital Management (North America) Ltd.
Gregory Hotel Management Ltd Grosvenor Road (Wanstead) Management Co. Ltd. Hackney United Services Club Ltd. Hackney Volunteers Social Club
Hatton Garden Association Ltd (The) Hawthorn Gardens Management (Talke) Ltd High Ridge Management Ltd Hoe Street Club & Institute