Senior figures in the profession have been contacted by EU-hired consultants investigating the ownership of audit firms, as plans to introduce alternative investment gather momentum around the world.

Oxera, the group whose report into the UK audit market raised the hackles of the Big Four, has been commissioned by European commissioner Charlie McCreevy to look into the issue, which has already attracted the support of Paul Boyle, chief executive of the Financial Reporting Council.

The move could open up firms to alternative investors. Currently, most countries insist that firms are owned by qualified auditors.

The news of Oxera’s involvement will alarm the Big Four, who preferred alternative analyses of the audit market to Oxera’s.

Oxera’s analysis stressed the problems of only four major firms and implied that the market was not working effectively.

The EC confirmed this week that it has commissioned the firm. It had previously used London Economics to carry out similar work.

The US Chamber of Commerce, headed up by Thomas J Donohue, yesterday kicked off a series of talks on capital markets with a report recommending that audit firms be allowed to raise capital from shareholders other than audit partners, subject to resolving independence issues.

The moves in the EU and the US simultaneously signal an unusually concerted global push on the issue, as regulators seek to find a way out of the current market position enjoyed by the Big Four on audit. It is also a boost for Boyle, who backed the idea as a way to open up the market.

Oxera’s brief is to analyse the importance of ownership rules as a barrier to entry, to document the rules across the EU and to analyse those rules in rel ation to competition and choice.

Neil Sherlock, KPMG partner said the idea should be debated: ‘Clearly there are some independence aspects that will need very careful consideration.’

A Deloitte spokeswoman said: ‘We are unconcerned about the possibility of ownership rules being relaxed. It could be a good thing in promoting competition in the sector, as long as an appropriate focus on quality is maintained.’