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: Fashion Shops

Pages: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14]

A E Everett AB Fashions Abitex Fabrics Actionbrook Ltd.
Adam Fashions Ltd. African Shop Aimmart Ltd. A-la-Mode Menswear
Ali,Liakot, All Day Design Ware Alpha Boutique Alpine (Uk) Ltd.
Amani Amazing Grace Amazu Menswear & Ladieswear Amberjacks
Annarina Dresses Apsara Novelties Aristocrat Exclusive Ladies & Menswear Ltd. Ariston Textiles Ltd.
Assim Brothers Fashions Austin Reed Ltd. Aytans Manufacturing Co Babes
Babriya Fashion Barry Prince & Co. Ltd. Beauty Empire Bedlovers Ltd.
Bees (London) Ltd. Bella Benny Dee (Underwear) Ltd Bizaare
Bloyford Ltd. Bobby & Felis Fashions Body Basics Accessories Ltd Bolina Fashions
Bombay Looks Bombay Saree House Boom City Ltd. British Garments
Brobbey Bunny Burns Retail C & A
Casa Junior Chana,G, Channi Textiles Chiffons Ltd.
Choudhary Fashions Clothes Box Cockney Touch Clothing Coleman Helen
Continental Discount Centre Cover Up Cuckoo Fashion Cyrils Fashions
D & P Wholesalers Ltd. Dalco International Ltd. Daminis Ltd. Don Azar Ltd
Doreen Fashions Durga Arts & Crafts East Of Eden Ela Fashion
Elegant Elegence Elizabeth Kate Etam Plc
Evans Ltd Evasion Eve Dexter Fashionwear Extra Fashion
Faith Boutique Farha Fashion Fair Fashion Exchange(The) Fashion Fair
Fashion Stop Faze 4 Fields of Chingford Fifth Avenue
Finesse First Avenue Folio Ladies Fashion Frank Saul (Fashions) Ltd.
French Connection French Connection Factory Shop Glory Fashions Goggle Boutique
Golden Stitch H K Fashions Harrow Stores Henna Exclusive
Hill Street Jean Co Holdstock,Carol, Holland,Harold, Hunters & Gatherers
Ida's Ismail,I, Istanbul Showroom J Brafman Ltd.