E&Y

19 Dec 2018

Too Big to (anti) Trust? The Competition Carol of the Big 4 in the UK

As recent events suggest, the harmony and tranquility (of the most wonderful time of the year) in the UK audit market, dominated by the Big Four[1], is soon to be interrupted. The UK Competition & Markets Authority (“CMA”) has published an updated paper outlining serious competition concerns and proposing legislative changes in order to improve the audit sector for the sake of both savers and investors. After conducting a market study into the statutory audit market, the CMA reached the following conclusions: Since the companies are free to choose their own auditors, there has been too much evidence of them […]

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