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: Local Authority Schools

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

Ainslie Wood Primary School Alder,Simon E, Aldersbrook Primary School Amherst Primary School
Arnhem Wharf School Bangabandhu Primary School Barclay Junior School Barn Croft Primary & Nursery School
Beatrice Tate Special School Beaumont Primary School Belmont Park School Bethnal Green Technology College
Bethnal Green Youth Consortium Bigland Green Primary School Bishop Challoner R C Comprehensive Girls School Blue Gates Field Infant School
Blue Gates Field Junior School Bonner Primary School Bow Education & Community Trust Brampton Manor Comprehensive School
Brampton Primary School British Pacific Commerce Ltd Bygrove Primary School Calverton Primary School
Canon Barnett Primary School Capebay Training Ltd Cardinal Pole R C School Carpenters Primary School
Central Foundation Girls' School Chapel End Infants School Chapel End Junior School Chase Lane Infant School
Chase Lane Junior School Chingford C of E Infant School Chingford C of E Junior School Chisenhale Primary School
Christ Church C of E (J M & I) School Christopher Hatton Primary School Church Mead Junior School Churchfields Junior School
Churchfields Nursery Unit Churchmead Infants School Cityside Training & Conference Centre Ltd. Clara Grant Primary School
Clerkenwell Parochial C of E Primary School Cleves Primary School Connaught School for Girls Coppermill Primary School
Cubitt Town Infant School Cubitt Town Junior School Cumberland Comprehensive School Curwen Primary & Nursery School
Cyril Jackson Primary School Daubeney Primary School Davies Junior School Dawlish Primary School
Dersingham Infant School Dockland Education Centre Docklands Training Ltd Downs Side Primary School
Downsell Junior School Drew Primary School Earlham Primary School Eastlea Secondary School
Edinburgh Primary School Education & Training Consortium Edward Redhead Infants School Edward Redhead Junior School
Elizabeth Lansbury Nursery School Elizabeth Selby Infants School Ellen Wilkinson Primary School Elmhurst Primary School
English Martyrs R C Primary School Evolution Training & Consultancy Ltd Gainsborough Primary School Gayhurst Primary School
George Green's Secondary School George Mitchell Adult Education Centre George Tomlinson Primary School Glentana Learning Ltd
Globe Primary School Grange Infant School Greenleaf Primary School Grenfell School
Guardian Angels R C J M & I School Gwyn Jones Primary School Hackney Education Music And Drama Training Project Haggerston Girls School
Hague Primary School Halley Primary School Handsworth Primary School Harbinger Primary School
Harry Gosling Primary School Hartley Primary School Hawkswood School & Centre Heathcote School
Henry Maynard Infant School Henry Maynard Junior School Hermitage Primary School Hine Tai Chi Schools Ltd