The four biggest auditors notched up another victory yesterday after the UK’s Competition Commission shied away from forcing leading companies to change audit firms periodically.
The regulator’s decision not to impose mandatory audit firm rotation – which it had floated as a possible reform in February – followed opposition from PwC, Deloitte, KPMG and EY, the firm formerly known as Ernst & Young. The Big Four control two-thirds of the global audit market.
Instead, the Competition Commission said it would oblige the UK’s 350 biggest listed companies to put their audit contract out to tender at least once every five years.
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